The broader 50-share index Nifty rallied over 1 per cent to reclaim its psychological level of 5,450 and the S&P BSE Sensex rebounded and rallied over 200 points from lows after slipping over 100 points, led by gains in IT, consumer durable, banking and FMCG stocks. There was a recovery in rupee after experiencing a record low of 68.85 on Wednesday after falling around 20 percent since May.

Nifty futures traded amid volatility. After a steep fall in index prices, it managed to show some recovery at the end of the weekly trading session and closed in green at 5462 almost near to the previous week's close. Technically, it is facing immediate resistance at the mark of 5530 with the crossing of which it is poised to show a bullish move in the upcoming session and may touch 5680.

For downside, major support is at the level of 5290 and 5100.

Stocks to watch on:

JAIN IRRIGATION SYSTEMS FUTURES (JISLJALEQS): Technically, the stock is trading with the negative sentiment and is poised to be bearish further in the forthcoming session. It is currently forming an H&S pattern on short term charts sustaining below its 50 and 200 DMA. It is having support at the level of 49.50 with the breach of which further selling is expected in the near term. One may go for short position in the stock below the level of 49.50 for a target of 48 and a strict stop loss of  51.

AUROBINDO PHARMA (AUROPHARMA): Technically the stock is trading with bullish sentiment, looking strong on charts and consolidating with the positive bias. It is having immediate resistance at the level of 187 with the crossing of which prices are likely to  surge in the forthcoming session.  We recommend that the traders can go for a long position in the scrip above the mark of 187 for a target of  194 and stop loss at 180.