<b>Pre-mkt:</b> No significant cues for today's opening

With stock markets in China and Hong Kong are close today on account of National Day holiday, hence no major global cues this morning. In fact, the Chinese will be closed for the week owing to the National Day celebrations.

Back home, market pundits expect a weak opening for the BSE Sensex and S&P Nifty. However, the at least 100-150 points upward movement in Sensex and 50-70 points rally in Nifty cannot be ruled out.

The Sensex may witness profit booking above 17,400 and Nifty above 5,100.  The market is in very much overbought state and any upside from the current level should be seen as an opportunity to book profit. The Q2 earning season which will began from the next week will be trend setter. If the corporate earning are better than expected the rally may continue with Sensex target of 17,800 and Nifty at 5,125.

Any reversal in Q2 earnings may lead to 1,000 points correction in Sensex and 300 points correction in Nifty from the current level. The trend for fresh positions may trigger if the markets trade beyond 4994 for Nifty and 17,100 for Sensex.

Anil Ambani group stocks Reliance Energy and Reliance Capital are likely to hog the limelight amid positive activity. Mukesh Ambani flagship Reliance Industries may see fresh bouts of profit booking.