Stock markets are likely to witness volatile sessions this week as investors would look at RBI's policy review in the middle of this month and global cues for further direction, say experts.

The Reserve Bank of India (RBI) will undertake mid-quarter review of monetary policy on March 19.

"Nifty is expected to continue moving down for the thrust of 5,600. Pullback, if any, is expected to find supply around 5,750-5,770," said Shubham Agarwal, Associate VP & Senior Technical Equities Analyst, Motilal Oswal Securities.

According to market experts, the struggling market that was looking forward to the Budget for a clear direction will now again depend on favourable global cues for an upswing.

"Markets have corrected 6 per cent over the past month largely on back of deteriorating domestic macro scenario. With the Budget out of the way, market participants will look at the global cues for further direction," said Amar Ambani, Head of Research, IIFL.

According to a report by Motilal Oswal Financial Services: "RBI would cut rates by 75 basis points in CY13 and would effect a 25 basis point cut in March 19 policy."

Meanwhile, stock market continued to fall for the fifth week by slipping 398 points to close below 19,000 level after three months on sustained selling pressure.

Confusion over the Tax Residency Certificate (TRC) also weighed on the market sentiments, experts said.

However, the Finance Ministry on Friday sought to assure worried investors saying that their concerns on TRC for claiming treaty benefits would be "suitably addressed" during discussion on Finance Bill in Parliament.

The performance of India's services sector for February would be revealed on Tuesday.