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Indian stocks are likely to witness volatility ahead of the May derivative contracts which expire on Thursday as traders roll over positions to June series. Meanwhile, the sharp decline in Japan's benchmark Nikkei would continue to weigh on market sentiment.
Benchmark US share indices ended flat on Friday on worries over US Federal Reserve Bank's decision to curtail the on-going stimulus measures. The Dow Jones Industrial Average gained 9 points to end at 15,303, the tech-laden Nasdaq ended flat at 3,459 and the S&P 500 ended down 1 point at 1,650.
Stocks in Asia were trading mixed in early trades. The Nikkei was down over 3 per cent and Straits Times slipped 0.3 per cent while South Korea's KOSPI and Taiwan Weighted were trading with marginal gains.
At 08:15AM Indian Standard Time the SGX Nifty was down 8 points at 5,976.
According to technical experts, the NSE Nifty may attempt a pull-back in the near term given the sharp sell-off. However, the overall trend is likely to remain bearish as long as the index sustains below 6,130. Today, the NSE index is likely to seek support around 5,955-5,935, while face resistance around 6,015-6,035.
Reliance Industries will firm up after the company and its partners BO and Niko late Friday announced a significant gas and condensate named 'D-55' in the KG-D6 block off the eastern coast of India.
Britannia Industries is likely to gain as the company announced 66% jump in net profit to Rs 87.85 crore for the fourth quarter and 25% rise in net profit to Rs 233.87 crore for the year ended March 31, 2013.
Jet Airways will also witness activity as the airline's net loss widened to Rs 496 crore in the fourth quarter ended March 31, 2013 compared to a loss of Rs 298 crore in the same quarter last fiscal.
Among other stocks, Wockhardt, Ranbaxy Labs and India Cements will continue to remain active this week.
