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​In the near term, equity markets will likely take cues from global trends and RBI monetary policy due later this week. Investors will also keep a close watch on FII inflows after relentless selling for the past few months

The Nifty Bank index was trading 0.04 per cent down at 40592.6.

Govt has kept prices unchanged at $8.6/mmbtu for now. Continued delay could create a near-term overhang for the city gas distribution (CGD) stocks. Top gas pick GAIL is also a key beneficiary of lower APM gas prices. The global investment bank continues to view stance of Govt towards CGD sector favourable.

Buy State Bank of India at a price target of Rs 529.8 and a stoploss at Rs 518.4 from entry point.

In the entire calendar year, the market has 15 annual holidays in 2023, two more than last year. Three of these holidays were covered in the first three months of the year on January 26, March 7 and March 20 for Republic Day, Holi and Ram Navami.

The stock traded at a P/E multiple of 37.05, while the price-to-book value ratio stood at 9.65.

As of 31-Dec-2022, promoters held 0.22 per cent stake in the company, while FIIs held 37.33 per cent and domestic institutional investors had 26.84 per cent.

One major event that investors should be tracking is the earnings of companies for Q4 FY23. This could provide insight into how companies are performing and what are their outlook on near-term growth and margins.

Reliance Industries, incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 1577187.03 Crore) operating in Diversified sector.

“Options data suggests a broader trading range in between 16900 to 17700 zones while an immediate trading range in between 17100 to 17550 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.