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Indices are seen trading with a positive bias next week after closing at a four-week-high yesterday. Yesterday, the National Stock Exchange's 50-share index ended at 5783.10, up 94.40 points or 1.7% from Wednesday's close. The S&P BSE Sensex closed at 19016.46, up 285.30 points or 1.5%. Price movement is likely to turn volatile as the April futures contract will expire in the holiday-shortened week and several companies are scheduled to report Jan-Mar earnings. The stock exchanges are closed again on Wednesday for Mahavir Jayanti. Market participants see immediate resistance for Nifty at 5800. If the index manages to sustain above 5750, it can cross 5800 but profit taking is likely at higher levels. Given the sharp rally in current week, profit booking cannot be ruled out next week.
Investors will also eye the Group of 20 nations' meeting over the weekend, apart from Jan-Mar earnings of companies. Those reporting earnings next week include Cairn India, UltraTech Cement, HDFC Bank, Axis Bank, Biocon, Hindustan Zinc, Idea Cellular, and Jindal Steel & Power. Bouts of profit taking could be seen in banks after the sharp rally this week
