Tracking the weak momentum, the 50-share Nifty index slipped below its crucial psychological level of 5700 and is set to drop for the second week in a row. The index has plunged 2.4 per cent last week. The S&P BSE Sensex slipped over 200 points led by losses in HUL, ICICI Bank, ITC and HDFC Ltd.

Nifty futures was able to touch its crucial psychological level of 5700 during the weekly trading session and closed at the same down with 225.25 points from the previous week's close. Technically, it is having immediate support at the mark of 5620 with the breach of which it is poised to fall further in the upcoming session and may touch 5550.

For upside, major resistance is at the level of 5760 and 5850.

Stocks to watch on:

HEXAWARE TECHNOLOGIES: Technically, the stock is experiencing a bull rally and now consolidating with the positive bias sustaining above its 50 and 200 DMA on long term charts. It is now facing major resistance at the level of 120 with the crossing of which the stock is expected to  trade further upward in the near term. We recommend our traders to initiate a long position above the level of  120 for a target of  130 and a strict stop loss of 110.

HOUSING DEVELOPMENT FINANCE CORPORATION FUTURES: Technically the stock is trading with the negative biasness and is having support at the level of 798 with the breach of which a downfall in the stock prices can be seen. The traders can go for a short position in the scrip below the  mark of  798 for a target of 764 and stop loss at 832.