 "Market Outlook: Macroeconomic data to drive trading sentiment this week")
"In absence of any major trigger on the domestic front, this week looks unexciting and markets will be guided largely by global cues. Hence, chances of consolidation cannot be ruled out.
"There are already some signs of fatigue that can clearly be seen on the benchmark indices and markets are likely to undergo a time correction, since it has moved up very quickly over a very short period," said Vijay Singhania, Founder Director, Trade Smart Online.
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"BJP's recent success in Maharashtra's municipal election, has now promoted traders to keep a close watch on Uttar Pradesh assembly elections. We believe markets are waiting to take fresh cues from UP polling trends. If any clue of BJP getting majority in UP, we could see a new rally building up in the market," Singhania added.
Market participants would also eye GDP data, which is scheduled to come on Tuesday.
On the macro front, PMI data on manufacturing and services sector will also influence trading sentiment, they added.
"Uttar Pradesh elections are also likely to play important role in deciding the future market move," said Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments.
Auto stocks will also remain in focus as their sales figures for February is scheduled to come from Wednesday onwards.
"Election results from Uttar Pradesh will be keenly watched next month," said Rakesh Tarway, Head of Research, Reliance Securities.
Over the last week, the Sensex recorded a rise of 424.22 points, or 1.49 per cent, while the Nifty gained 117.80 points, or 1.33 per cent.