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"Kotak Mahindra Bank stock looks very strong as it closed almost at the highest point of the day as well as the week on Friday."

From a technical perspective, Friday’s session marked a potential onset of some consolidation in the overbought market. The high point of 17,792 has potentially become the intermediate top and most immediate resistance for Nifty.

Resignation of two directors and talk of removal of its CEO brought windfall gains for Zee Entertainment’s investors last week. The stock rallied nearly 40 per cent to Rs 255.30. Buying by Rakesh Jhunjhunwala also helped sentiment.

As per depositories data, overseas investors invested Rs 11,287 crore into equities and Rs 5,018 crore in debt segment on a net basis between September 1-17.

From the top-10 list, Reliance Industries Limited, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank and Bajaj Finance were the laggards, whose cumulative erosion was at Rs 43,746.79 crore.

Investor sentiment turned bullish post September first week for the broader market though price actions remained restricted. Trade volumes across exchanges dipped in anticipation of a clear breakout on either side. News from the crypto world continued to lean towards optimism.

Fed officials are expected to signal a start to scaling down monthly bond purchases in their policy statement at 2 p.m. Washington time on Wednesday, the most significant among at least 15 global central bank decisions due.

Investors across the world will be eyeing the Fed rate-setting meeting in the coming week for more clarity on the outlook for both tapering as well as interest rate revision timelines.

"There are still some pockets which deserve some merit with a medium to long term view. Our market cap to GDP now is well above 125%. We are 27 times earnings on a trailing basis, about 4.5 times book value. So on every parameter, things are slightly higher than long-term averages and some judicious asset allocation is probably the need of the hour."

“Every correction has been a buying opportunity and the market has continued to go up from there. It could partly be a relief, a breather going into the weekend.”