The Indian markets may open flat on the back of flattish cues from the Asian markets. The SGX Nifty too is flat at 5,896. Volatility may rule the roost this week as traders rollover positions in futures & options ahead of the expiry of the April 2011 contracts.
With a positive earning season coupled with a surge in global risk appetite may see the Indian markets continuing its upward journey.
An Angel Broking report states that the trend deciding level for the day is 19,610/5,887 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,689–19,775/5,910-5,936 levels. However, if Nifty trades below 19,610/5,887 levels for the first half-an-hour of trade then it may correct up to 19,523–19,444/5,862–5,839 levels.
On the Asian front, the Japanese shares opened higher on the hopes of a positive earnings season despite the negative impact of the March 11 earthquake. The Nikkei Stock Average is up 0.4% at 9,710.
Meanwhile, the Chinese stocks extended their fall as expectation for more restrictive policies from Beijing pressured property, financial and consumer shares. The Shanghai Composite Index is down 1% and so is Straits Times.
Markets in Hong Kong, Australia and New Zealand remain closed for holidays.
The results to watch out for the day are Sesa Goa, Maruti Suzuki and Sterlite Industries.