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Ahead of the Union Budget on February 1, the market is expected to maintain a cautious stance. "The stock market trend has started to be impacted by the view and in anticipation of the heavy economic data, Fed policy, India Q3 results and Union Budget expectations," said Vinod Nair, Head of Research at Geojit Financial services.

"The Nifty50 index has been showing lower top formation patterns on the daily chart since the last one month which suggests a bearish biased view and with the onset of result season, one can anticipate for fluctuations and swings this month. Currently, the 17,780-17,800 levels would be crucial which if decisively broken can trigger for fresh sell-off, with next downside targets visible near the 17500 and 17250 (200-DMA levels) zone."

“I think every dip should be bought into – be it 5% or 7% because the risk reward is favourable. We have three large events next year. One is the HDFC Bank merger will be over; we will have Reliance which is significantly under owned and the reversal of flows, which is more inflows coming into India.”

Indian indices continued to trade with cuts on weak global cues. At the end of the first week of the new calendar year and ahead of the start of the earnings season, indices ended on a weak note, with Nifty failing to hold 18,000 levels. There was broad-based selling with all but the FMCG pack ending in the red.

While investors are off to a quick start in making back some of that money, the pace of this week’s bond rush shows that issuers are bracing for something that’s still very 2022: volatile markets where the opportunity to borrow can slam shut faster than you can say consumer price index.

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Prosecutors have started requesting interviews and documents, one of the people said. The Securities and Exchange Commission is also conducting an investigation, another person said. The probes are in early phases and neither Silbert, Digital Currency Group, nor any of its subsidiaries have been accused of wrongdoing.

"If we get any rallies, it is probably worth selling into in our view because I do not think in the next one year, China can make up for the kind of recession that we are going to see in Europe, UK. It’s looking like a mild recession in the US at the moment. It is going to get worse before it gets better for the metal stocks, probably it is the second half of 2023 trade."

The 100 largest banks by revenue made $77.1 billion from mergers and acquisitions and equity and debt issuance in 2022, a 38% drop from the previous year, BCG Expand Research in London said. The value of global dealmaking slumped about a third to $3.6 trillion last year, according to data compiled by Bloomberg.

Lawrence McMillan is a professional trader and the founder and president of McMillan Analysis Corporation, a registered investment adviser and commodity trading adviser.