MUMBAI: The proposals in the Union Budget for FY23 will decide the direction of the Indian stock markets in the coming week.

Furthermore, geopolitical cues such as the Russia-Ukraine war, as well as local quarterly earnings data and foreign money flow directions, will influence market mood.

Market participants are also expected to pay attention to macro-data such as the Index of ECI (eight core industries), fiscal deficit numbers, and FY21 GDP final figures, which will be issued during the trade week beginning January 31.Due to good values and the lack of a pre-budget surge, analysts believe an upswing is likely.

"The following week will continue to be tumultuous," according to market analysts, "with the Union Budget to be unveiled on Tuesday." In the short term, the band might be 16,998-17,374; however, this band could widen after Budget Day next week.

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