Macroeconomic data related to inflation and industrial production will also be tracked by participants, they added.
"So, all in all a lot of big names will be driving the cues for its sector and will be watched critically. Post that, manufacturing numbers, industrial production and inflation. It will be a volatile week but certainly where we may see some directional move," said Mustafa Nadeem, CEO, Epic Research.
The GST Council is slated to meet on January 10.
Besides, movement in the rupee, crude oil and investment trend by overseas investors would influence the trading sentiment, analysts said.
According to V K Sharma, Head PCG and Capital Markets Group, HDFC Securities, "On the economic front, this week data to watch out for is industrial production numbers."
Global markets rose Friday after China announced new trade talks with the US.
A US government delegation will visit China early this week for the first face-to-face talks since President Donald Trump and his Chinese counterpart Xi Jinping agreed on a temporary truce in the trade war.
Over the last week, the Sensex fell 381.62 points, or 1.05 per cent.