Pre-market: Global cues to take Sensex higher

Markets may open on a positive note, taking cues from global peers.

Asian markets gained in morning trades after G7 nations agreed to intervene to control soaring currency and calm investor sentiments in Japan following the earthquake. Japan's Nikkei, after last weeks high volumes, surged 2.7% to 9,207. Hang Seng jumped 1.3% to 22,589. Taiwan Weighted added 1% to 8,483.

Markets in US jumped on Friday as investors breathed a sigh of relief following a aceasefire in Libya. Political revolts in the region had pushed crude oil prices to multi-month highs.The ceasefire was announced to protect lives of civilians and to comply with the UN resolution. The Dow jumped 0.7% to 11,859. Nasdaq gained eight points to 2,643. Brent crude, however, has again gone up to $115.79 per barrel.

Back home, the Sensex ended below the 18k mark at 17,878, weaker by 295 points (in the week) or 1.6% and the Nifty ended at 5374, lower by 72 points or 1.5%. Global worries, inflation and a 25 bps hike in key rates by the RBI took the markets lower.

"Technically the market is weak and the next logical target on the way down side is around 5200 in the days to come...technically the market has a stiff resistance around 5500 zones on the way up," said technical analyst, Prakash Gaba.