Indian stocks are expected open on a positive note on Thursday in this roller-coaster phase. Analysts expect the dull phase to continue at the market, as analysts await a clear trigger from market movement.

However, unabated selling by foreign portfolio investors is keeping bulls under leash, they said.

Ruchit Jain, Lead Research,, said, “FII’s have been on the short side of late and they have been selling in the cash segment too which has been the main reason for the recent correction.”

Also read: Stocks that will see action on January 12, 2023

SGX Nifty at 17,999 signals another flat opening for domestic markets. Volatile global markets at in a positive zone at present. Asian stocks are mixed but most are up even as Japan’s Nikkei is ruling in the red. Overnight, US stocks closed higher on expectation of drop in inflation and hence slowdown Fed’s rate hike.

Edward Moya, Senior Market Analyst, The Americas OANDA, said US stocks are drifting higher as optimism remains intact that a pivotal inflation report will continue to show disinflation trends remain in place.

“Right now might be the calm before the inflation storm as we are not seeing major positioning ahead of this CPI report. Some traders feel confident that either we get a soft landing or a not too bad recession. It might not be smooth sailing with across-the-board pricing declines with the December inflation report as core prices from a month ago might edge highe,” he added.

However, analysts said benchmark indices are likely to move in a narrow range with more activity likely to center around individual stocks. Q3 results will anchor most these stocks.

Also read: SEBI buyback rules need a rethink

“In the options segment, 17,800 put options have the highest open interest while 18,000-18,100 call options have good open interest outstanding. This indicates that traders are expecting the index to trade within this range and only a breakout beyond the same will lead to the next directional move,” he added.

Among the major companies that will come out corporate results included Infosys, HCL Technologies and Anand Rathi.