Markets are expected to open on a subdued note on back of mixed cues from Asia and crude prices hovering near $116/bbl mark. The Nifty futures on the Singapore Exchange were up 3 points, at 5,677.
Investors stayed on the sidelines in Asia as concerns from Japan and West Asia loomed, the Nikkei Stock Average fell 0.4% on renewed worries of radioactive water slowing down repair work at the nuclear power plant.
Hang Seng also pared gains, down 0.2% after China Petroleum & Chemical Corporation Sinopec dipped on new that the company reported lower than expected earnings, 2010 profit surged 14%. However, Coal miners and banking shares continued to lead the gains. Shanghai Composite bucked trend, as the index was up 0.5%.
Back in India, markets rallied 5.2% last week and technical charts indicated that positive momentum would continue until 5688. Edelweiss Research in the morning note said, "previous week’s rally is likely to extend towards 5688 from where a combination of short-term overbought oscillators and 200-DMA (Daily Moving Average) is likely to result in profit taking. However the overall price / momentum setup indicates the Nifty moving higher towards 5760 and 5900, with strong support at 5500 protecting the downside."