Bhupendra Sharma, vice president, Hornic Investments, has spoken up that the stock market traded down for the entire week.

At last, Sensex closed with a heavy loss of 438.41 points, at 17,559.98, whereas Nifty lost 135.7 points to end the week at 5,215.30. Purchasing was seen at lower levels, while selling at higher levels.

Mr. Bhupendra said that there are four vital events came up in this month that will have a major impact on the Indian bourses. The four different events include N-deal decision aligned for October 22, P- Notes conference on October 25, Fed meet and RBI’s plan declaration on October 31. In the meantime, the stock market will remain in the trading zone.

Heavyweights that were leaders in the quick upward rally, took part in Friday’s downward movement, Mr. Sharma added.

He anticipates stock market to open weak on Monday. Market support will be at 17,200 level. He suggests stocks like Reliance Communication, Tata Steel, Infosys and GTL Infra for trading.

Prakash Rajdev, chief dealer, Khandwala Securities, told that roughness was there in the market on Friday. FIIs were selling off massively. Selling pressure was seen as many stop losses were actuated on Friday.

According to him, P-notes stand taken by the SEBI and the administration is producing such a situation. Reliance Energy was the main loser.

He anticipates roughness and instability to persist on Monday too. Friday’s low will act as a support level for the next trading session. Unless and until this P-notes issue gets resolved such movement will continue to be seen. He refuses to give any recommendations at these levels.