Nifty during previous week showed a highly volatile movement and market were on fire at the end of the week boosted by banks, metals and infra stocks. 50-unit CNX Nifty up 93.15 points or 1.50 percent at 6189.35 and hit its highest level in more than 21 weeks.

The market breadth, indicating the overall health of the market, is positive. The market sentiment was boosted by data showing that foreign funds made substantial purchases of Indian stocks during the week. Engineering and construction giant L&T surged ahead of Q2 result . Metal and mining stocks gained after the latest data showed that China's GDP growth accelerated in Q3 September 2013. Banks and metals were the outperformer.

The next major event on the domestic front is the Reserve Bank of India's monetary policy review on 29 October 2013.

Nifty futures showed volatile movement in the weekly trading session and managed to close above 6200 mark up by 74.75 points from the previous week's close. Technically, index is having resistance at the mark of  6240 and is likely to test the same in the near term. It is trading above its 200 and 50 DMA in daily charts. Next resistance is at 6350.

For downside, major support is at the level of 6050 and 5900.

Stocks to watch on:

LUPIN FUTURE:  The stock is in major up trend and during last week it showed a corrective phase and one may go for buy on dips in this stock. Technically, it  is likely to move upside in the near term with the cracking of the major resistance of 917. Presently the stock is trading above its 50 and 200 DMA on daily charts. One may initiate a long position above the level of 917 for a target of 937and stop loss at 907.

MAHINDRA & MAHINDRA: Technically, the stock is consolidating with the positive bias sustaining above its 50 and 200 DMA on short term charts. It is currently facing immediate resistance at the level of  888 with the cracking of which an upward movement in the prices can be seen. One may go for long position in it above the level of  888 for a target of  901 and a strict stop loss of 875.