Europe, however, continued to fall on Friday as investors remained circumspect of the Russian action there. Traders, still do not have any idea on Russia's plans on Ukraine.
Should tensions in Ukraine and Iraq continue to mount we could see further downside risks to the market. Developments in Iraq would be closely watched after US President Barack Obama this week ordered airstrikes on Iraq.
With monetary policy and corporate earnings now behind us, there would be not too much to watch in terms of data points that come from India. This week there could be some reaction to inflation data, which is likely to be more or less under control.
Data points from across the globe would be closely watched. European and German GDP data would be watched by the global markets, which could impact Indian stocks marginally.
A few US Fed officials would speak next week and markets across the globe would watch for hints on hike in interest rate talks.
All in all, apart from a few data points, the key triggers for the Indian markets would continue to be geo-political risks. There maybe some modest recovery next week and after that markets may continue to trade in a range.