Besides, investment trend by foreign institutional investors and movement of rupee against the dollar will be key for the Indian indices.
Stock markets will remain shut on Monday for 'Holi'.
"Going ahead, the referendum in Ukraine will be the immediate event to watch out for. The RBI policy meeting will be watched for cues on future interest rate movements," said Dipen Shah, Head, Private Client Group Research, Kotak Securities.
A referendum in Crimea over its bid to break away from Ukraine and join Russia had led to jittery investor sentiment in the markets last week.
"After easing inflation, investors now are expecting status quo in the upcoming RBI's monetary policy and will also be decisive factor for the market trend," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.
According to Jayant Manglik, President-retail distribution, Religare Securities Limited: "Amid global uncertainty and news flow, domestic bourses are trading comparatively stronger but with excessive volatility, which is inevitable and creates chaos among the participants. Hence, it is important to have a clear view and disciple to trade accordingly."
For the first time in nine months, inflation slipped below the psychological mark of 5 per cent in February, creating headroom for RBI to cut interest rates in the monetary policy review on April 1 to boost sagging economic growth.
Meanwhile at the global front, the US Federal Open Market Committee (FOMC) will undertake monetary policy review on March 18-19, 2014. The US Federal Reserve first indicated in May that it would taper its stimulus programme, raising concerns that funds for investing in emerging markets may be reduced.
The Fed subsequently started tapering its bond purchases in January.
Over the last week, the BSE 30-share benchmark Sensex lost 0.5 per cent or 109.99 points to settle at 21,809.80 on Friday March 14.