Indian equity indices BSE Sensex and Nifty 50 reversed early losses and ended higher in Friday's trade. The indices were mainly led by banking, financial and auto stocks. Sensex rose 123 points and settled at 62,027 while Nifty, on the other hand, opened lower but reversed its intraday losses to close with minor gains of 18 points at 18315 levels.

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Buying interest in select index heavyweights such as HDFC twins (HDFC Bank and HDFC), Reliance Industries (RIL) and Hindustan Unilever (HUL) also lifted the indices higher.

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Nifty Auto was the top gainer among sectoral indices, followed by Nifty Financial Services and Nifty Bank. However, the Nifty Metal index fell sharply by 1.84 percent due to possibility of a slowdown in the US.

"Markets on Monday will react to India’s inflation data and the Karnataka election outcome. Market has now been consolidating for the last four days and is awaiting fresh triggers for the next leg of the rally as the structure of the market remains positive. Investors would continue to keep an eye on economic data to be released next week," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

Nifty view by Vaishali Parekh, Vice President — Technical Research, Prabhudas Lilladher Pvt Ltd

"Nifty has consolidated quite significantly near the 18300 zone for some time as of now indicating strength turning up the daily trend and a decisive move past the 18350 zone would trigger for further fresh upward movement in the coming days. As said earlier, the zone near 18200 is the strong support maintained and with most of the frontline stocks well placed with positive bias and trend maintained, further rise is anticipated."

Bank Nifty

"Bank Nifty also has slowly and gradually moved past the previous peak 43700-43750 zone to show improvement in the bias and trend with most of the bluechip banking stocks like Axis Bank, ICICI Bank, HDFC Bank and SBI well placed and anticipated for further gains. For the index the major support zone would be 42700 levels and upside a decisive breach above 44200 would enter into a new territory. The support for the day is seen at 18200 levels while the resistance is seen at 18450 levels. BankNifty would have the daily range of 43400-44200 levels."

Stock picks

Sharing as the top picks for Monday, Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today, which are Mahindra And Mahindra Ltd, REC Limited and Aster DM Healthcare Ltd.

Mahindra And Mahindra Ltd: Buy M&M at Rs 1,275, Stop loss Rs 1,255, Target price Rs 1,320

REC Limited: Buy REC LTD at Rs 132.50, Stop loss Rs 130, Target price Rs 137

Aster DM Healthcare Ltd: Buy at Rs 252, Stop loss Rs 246, Target price Rs 264

Nifty Spot Index

Support - 18200/18150

Resistance - 18450/18500

Bank Nifty Spot Index

Support - 43400/43350

Resistance - 44200/44250