Markets likely to open on a flat note

The markets are likely to open on a flat note amid mixed cues from the global markets.

As mentioned in the weekly report, the Sensex expectedly took support around 16,940. Today, again 16,940 could act as an immediate support level, below which the index may slip to 16,840. The bears will have the upper hand longer the index stays below 16,925-16,940 levels.

On the upside, the index is likely to face resistance around 17,070-17,130.

The Nifty is likely to face resistance around 5,100-5,115, while find support around 5,035-5,017.