The election results to Greece are due late Sunday and the market would move accordingly on Monday.

A decisive victory for the radical left party Syriza would spook the markets which are expected to see a sharp downturn. Syriza is opposed to a bailout package and this could lead to an exit of Greece from the eurozone, sparking a contagion effect throughout the region. However, analysts across the globe are not overly optimistic of a comfortable win for Syriza.

On Friday there was large scale buying which saw European markets ending the day higher on hopes that the right wing parties would win the elections in Greece. This would mean that Greece stays in the eurozone, which could propel markets further on Monday.

Another key event that could determine the short term trend is the Reserve Bank of India (RBI) monetary policy review slated for Monday.

Markets have already factored a 25 basis points cut in the repo and the CRR rate. If the RBI obliges with a higher than expected cut, it could spark a rally on the bourses.

Clearly, it's a news driven week, particularly in the early part of the week. Political and economic data would be the key to movements through the next week.

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