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Asia

Asian shares wavered and the dollar inched higher on Monday after U.S. President Donald Trump cautioned that additional tariffs, including on steel and aluminum, were imminent. This inflationary measure could restrict the potential for rate cuts. The Gift Nifty points to a slightly negative opening for Indian markets.

US & Europe

All three major U.S. stock indexes ended lower on Friday after President Donald Trump announced plans to introduce reciprocal tariffs on several countries next week, following disappointing jobs and consumer sentiment data. Meanwhile, European markets reached a record high on Thursday, driven by a wave of earnings reports and a quarter-point rate cut by the Bank of England.

Commodities

Oil prices ended with daily gains on Friday following new sanctions on Iran's crude exports. However, prices declined for the week as investors were concerned about U.S. President Donald Trump's renewed trade conflict with China and threats of tariffs on other nations. Meanwhile, gold prices increased on Friday and were set for a sixth consecutive week of gains as rising trade tensions between the U.S. and China drove investors to seek safety in the precious metal.

* Events today: Japan current account, China vehicle sales.

* Ex-date: Aster DM Healthcare, GPT Infraprojects, GPT Infraprojects, Indian Toners & Developers, Suraj Stainless (Dividend)

* Earnings today: Eicher Motors, Grasim Industries, FSN E-Commerce Ventures Nykaa, Apollo Hospitals Enterprise, National Aluminium Company, Ashoka Buildcon, Bata India, CRISIL, Engineers India, Escorts Kubota.

* Bharat Electronics on February 8 said it has received orders worth Rs 962 crore, including a Rs 610 crore contract.

* Wockhardt reported a net profit of Rs 14 crore for the December quarter, a significant comeback from the Rs 83 crore loss

Nifty Outlook

Though Friday ended with Nifty in red completing three consecutive days of descent, favoured view sees it as an acknowledgement of the importance of the 50 SMA from which the turn lower started. But then, bargain buying unfolded quickly in the dying hours of Friday, on approach of the 38.2 fibo of the 27Jan-05Feb ascent, setting up conditions for a large move in the coming week. This set up thus encourages us to look at the 24380-426 as the potential upside target, with 24226, the 2nd Jan high, offering intermediate resistance. Alternatively, inability to clear 23800 or inability to float above 24020 after the initial burst could deflate upside momentum.

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