After participating in the global carnage, Indian equity markets are likely to continue to witness volatility and be affected by global developments like US jobs data, crude oil price movements and Chinese macroeconomic situation more than domestic events like December quarter results, inflation and IIP.
Companies like IndusInd Bank, Tata Consultancy Services, Infosys, Hindustan Unilever, Zee Entertainment Enterprises and Kotak Mahindra Bank are going to announce their results this week.
Technically, Nifty 50 is seen testing 7400 - 7350 if it breaches its support level of 7550 on closing basis and is likely too see resistance at 7700 on the upside.
In the first full trading week of the New Year, Nifty 50 lost around 4.8 per cent on account of global sell off led by devaluation of Yuan by China for third time in last five months. Investor sentiments dampened across the globe and oil slid to 11 years low. Global stock markets too collapsed in the range of 5-10 per cent.