Early weakness likely

Following weakness in the US markets on account of a rate hike coupled with spike in curde oil prices, the Sensex is likely to open on a nervous note. The Federal Reserve raised interest rates by 25basis points to 4.75%, and indicated that more hikes were round the corner. The curde oil soared 3% to close above the $66-mark per barrel.

However, sustained foreign fund inflows, wherein they bought shares to the tune of Rs 550.20 crore on Monday could pump up the market in the latter half of the day. The Mutual Funds were buyers to the tune of Rs 513.82 crore.

The Sensex may face resistance around yesterday's high of 11,145, while on the downside the index is likely to find support around 11,027-11,049 levels.

With just two days remaining for the March expiry the market is likely to be volatile.