The 50-shares index, Nifty climbed up by 144 points to end at 5842 and the BSE Sensex continued with its upward journey on the back of positive global cues and rallied over 500 points led by gains in metals, capital goods and power sectors. The government's decision to double the natural gas price by April 1, 2014 also boosted sentiment.

Nifty futures surge in the weekly session and closed green at the mark of 5,841.45 up by 179.60  points from the previous week's close. It showed an up rally taking resistance of 200 DMA on daily charts. Technically, nifty fut is likely to consolidate in the near term until it manages to cross the next resistance level of 5870, with the cracking of which 5990 can be touched.

For downside, major support is at the level of 5770 and 5670.

Stocks to watch on:

ADANI PORTS AND SPECIAL ECONOMIC ZONE: The stock is consolidating sideways on long term charts with the positive sentiments. It is trading above its 200 days period moving average. Currently facing strong resistance at the level of 153 with the cracking of which the stock is likely to experience fresh buying in the near term. We recommend our traders to initiate a long position above the mark of 153 for a target of 160 and a strict stop loss of 147.

GODREJ INDUSTRIES: The stock is trading with the bullish sentiment. Technically, facing resistance at the mark of 311.50 above which further rise in the prices can be seen. Hence, one can go for buying in the scrip above the level of 311.50 for a target of 321.50 and stop loss at 301.50