IIP for May will also be out today and is expected to reveal further improvement.

We expect a flat to cautious start given the jitters over earnings, an erratic monsoon, mixed global cues and persistent selling by FIIs. Overall, the outlook remains murky, exacerbated by a disappointing budget. We will see alternate bouts of buying and selling. The next decisive move could take a while and hinges on incremental "good" news. Anything unique in Infosys or IIP will give bulls some solace for the day.