Broader markets bore deeper cut as the Nifty midcap and small-cap indices settled down by 3 per cent and 4 per cent respectively.
Index, on Friday, witnessed a sharp recovery of more than 200 points with buying seen in heavyweights across sectors from the oversold territory indicating dwindling downward momentum.
Going ahead, it is being expected that index to hold last week's panic low of 10637 points on a closing basis and gradually head towards 11200 points level in the coming weeks.
Structurally, it is being believed that the index is approaching it's price-wise and time-wise maturity of correction. Since 2008, the average correction has been 14 per cent and time-wise it has not corrected for more than 13 weeks in a row.
In the current scenario as the index as corrected 12 per cent over the past 12 weeks, which makes experts believe index would maintain the same rhythm. In the process, it is being expected that ongoing corrective decline may find its feet around 10600 points as it is a lower band of last major consolidation seen during January-February of 10985 to 10585 points.
Experts advise investors to keep a stock centric approach next week.