The next set of corporate earnings and factory output data will be key triggers for stock markets in this week, say experts.
HDFC, Punjab National Bank, NTPC, Reliance Communications and Ranbaxy Laboratories are among major corporates whose earnings will be declared this week.
Data on industrial production for March will be released on Friday.
"If Nifty remains below 5,950 in coming sessions, further selling pressure is likely. Overall market trend is positive however, profit-booking on rallies may be seen. Global cues and fourth quarter results shall be eyed for further market directions," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio Ltd.
The RBI last week cut the interest rate by a meagre 0.25 per cent and kept cash reserve ratio (CRR) unchanged on concerns of inflation.
"Expect deep correction in rate-sensitive stocks like banking, auto and realty which had rallied recently in anticipation of aggressive rate cuts. RBI has tempered rate cut cycle and it is clear that there will be no change in June policy review," said Vikas Jain, Founder, Aditya Trading Solutions (ATS).
BSE will conduct a special trading session on May 11 in a bid to test its disaster recovery software.
Indian stock markets ended the week on positive note with the 30-share key index Sensex climbing 288.92 points, or 1.5 per cent, to end the week at 19,575.64.