As we write there was a virtual collapse in the European markets on Friday as worries over Greece weighed on sentiments.
There are very economists and analysts who disagree that Greece would soon default on its debts. Noted investor Marc Faber had this to say: "Let's face it. Greece is bankrupt".
This is certainly not good news for global markets. European shares sunk on Friday with the German DAX falling 2.78 per cent and the CAC down 1.55 per cent.
Three things will assume significance next week:
1) Chinese government decision to cool-off markets there
2) Corporate Q3 Results
Corporate results so far have been mixed. Reliance Industries reported better than expected results, while TCS was a disappointment. But the latter's disappointment was more or less expected.
Next week individuals will eagerly await the results of tech major Infosys along with the likes of HDFC Bank and HDFC.
IndusInd Bank reported a good set of quarterly numbers for the quarter ending March 31, 2015.
Weakish inflation data in India has raised hopes of an interest rate cut outside the policy.
Both CPI and WPI data have surprised on the downside in India.
Much would depend on how the global markets pan out in the coming week. Results from the US have been mixed so far.
Slightly weaker then expected data has raised expectations that the US Fed would delay its interest rate cut beyond June.
Going forward its highly likely that the next week may be a volatile one. The Nifty closed this week at 8606 points. It would not be a surprise if by next Friday we close in the 8400-8500 points range.