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While Reliance Industries, Tata Consultancy Services, ICICI Bank, State Bank of India and Bajaj Finance were the laggards from the top-10 pack, HDFC Bank, Infosys, Hindustan Unilever, HDFC and Life Insurance Corporation of India (LIC) were the gainers.

"The fear index, India VIX has remained below 20 during the last week suggesting an overall positive sentiment. On the higher end, 18000-18100 is likely to act as a very crucial resistance. On the lower end though, 17700 may remain crucial support. A fall below 17700 may trigger a sell-off in the Indian equity."

Some investors and analysts have nonetheless said Berkshire could eventually buy Occidental, diversifying an energy portfolio that includes several utilities, electricity distributors, and renewable power projects including wind.

The company will consider raising funds via rights issue, reported CNBC. API Holdings rights issue will have Compulsory Convertible Preference Shares (CCPS). The right issue will open in the first week of September this year.

From a technical perspective, the most important of the four previous sessions was that on Friday as both Nifty and Nifty Bank Index were steeply overbought on the daily time frame. Apart from this, they also appeared structurally over-extended on the charts.

We have had oil going down that has been a big boost for the markets. Overall another good news is that the Atlanta Fed projection for the US for quarter three is now running at 2.5% of year on year growth in GDP. So after two quarters of negative print we are going to see a pretty strong quarter for the US economy that gives substance to the markets.

Inflation looks to be the mega-trend for the first half of the 2020s and crude oil is one of the best natural hedges out there. Russia’s invasion of Ukraine and a lack of investment in new oilfields over the past five years have hit supplies, leading to stagnant production profiles everywhere from OPEC to US shale.

"These are great times for investors who have weathered the correction which took place over the past few months and now the next few weeks and months look quite interesting," he added. "I see a lot of reversion to mean and maybe the indices can cross the previous highs."

But that also does not mean that we start buying immediately on the first day of a sharp correction. We have to find out the points where the market will get into an equilibrium phase which means when the selling abates and when we will see good emergence of buying coming across into the market internals.

Hedge funds that make both bullish and bearish equity bets pretty much stopped purchasing shares to return to lenders this week after previously doing it at the fastest pace in more than two years, data from JPMorgan Chase & Co.’s prime broker unit show.