But, according to analysts there may still be some value in public sector banking stocks. It all began with the drop in asset quality of Bank of India which sparked a rally across public sector banking units. However, on Thursday and Friday these government owned banking stocks saw sharp retracement, though they still seem more likely to rise.
Syndicate Bank which hit a high of 93 on Wednesday slid to the 83 levels. Dealers say that the stock might still be a bargain at the current levels.
Tata Motors may witness sharp buying interest when the markets open on Monday following a spectacular set of Q2 results from the company.
With most of the earnings season over, the markets would watch for other cues. Inflation and IIP date would be closely watched given that markets have been prone to knee jerk reactions after the announcement of inflation in particular.
Foreign funds which had bought aggressively the previous week, seemed to have slowed down their purchases, while domestic institutions seemed to be aggressively selling.
Another worry for the markets is that the rupee is for the first time in a month showing signs of weakness again. Should it continue to remain weak we might once again see markets drifting lower.
It's also important to remember that Indian markets are trading very close to their peaks. As such there are risks associated with investing at such high levels and hence investors are adviced to exercise at least some caution.
It's best to wait for the markets to stabilise before investing.