Some of the other factors that are likely to impact stock market movement include, trend in global equity markets and investment activity of foreign institutional investors.
Trading would be truncated this week as the stock market would remain closed on Tuesday, November 4, on account of Muharram and on Thursday, November 6, on account of Gurunanak Jayanti.
The Sensex concluded last week at 27,865.83, showing a robust rise of 1,014.78 points, or 3.78 per cent. Similarly, the Nifty finished at 8,322.20, breaching the 8,300-mark for the first time.
"We firmly believe the upward bias will extend further and sectors like banking, auto will continue to outperform in the coming week as well," Religare Securities President-retail distribution Jayant Manglik said.
Bonanza Portfolio Associate Fund Manager Hiren Dhakan said, markets would remain bullish for the coming week atleast and 7900-7950 would act as a strong support to Nifty over the medium term.
This week market would see a lot of data pouring in like the HSBC Manufacturing PMI data and HSBC India Services PMI. Besides, auto and cement companies would report their monthly sales figures.
In addition quarterly results would have stock-specific impact this week. Major earnings this week include those from, Dabur India, Hexaware, IRB, Canara Bank, Aurobindo Pharma, Jet Airways, L&T, Marico, Syndicate Bank and UCO Bank.
"In the near term, focus will consistently remain on further reform initiatives," Kotak Securities Head- Private Client Group Research Dipen Shah said, adding that Winter session of the Parliament will be closely watched for GST, land reforms, etc.