Markets are expected to open higher following firm cues from Asia peers Nikkei Stock Average and Kospi Composite. The Nifty futures on the Singapore Exchange advanced 33 points, at 5787.
Markets in Japan rallied led by gains in technology and banking stocks. The Nikkei Stock Average was up 1% at 9,945 and Seoul Composite was up 1.5% at 2,224. Other markets in China, Hong Kong and Taiwan were shut on account of Holiday.
Back in India Investors may remain cautious ahead of the RBI policy on Tuesday and analysts expect 25 bps rate hike tomorrow.
Analysts expect markets to resume uptrend in the medium term, since Nifty was unable to break the 200 Daily Moving Average of 5747 during Friday’s closing. Edelweiss in the morning note said, "Nifty managed to take support at the 50-DEMA (5707) and closed above the critical 5747 level keeping the bulls in the hunt. Momentum oscillators have turned down on the daily chart, whereas on the hourly chart have rolled bullish indicating upside in the early part of the current week."
Infosys will be closely watched in opening trades after it named S.D. Shibulal for Chief Executive Officer in place of S. Gopalakrishnan who will be company's executive co-chairman.
Automakers such as Mahindra & Mahindra and Maruti Suzuki may also be on the buzzer ahead of April sales numbers.
