The stock market was clearly in the overbought zone and a correction was long overdue. I think we should look at today's fall as the beginning of the correction process.

The stock market is heavily into overbought territory and a correction at this stage would be good for the overall health of the bourses. A correction at this level will give long-term investors to consolidate their gains before taking up fresh positions in the days ahead. Retail investors should adopt a cautious approach in the days ahead.

The correction has been triggered by large-scale selling by foreign institutional investors in sectors like metal and fast moving consumer goods. The weakness in the global market has also added to the pressure.

The market staged a smart rally in the last few sessions, defying expectations of a correction at higher levels mainly on account of large-scale investments by fund operators.

It's a dream run for investors. The market is showing no signs of losing steam despite touching such dizzying heights. The rally is based on strong fundamentals.

Although the market closed with a loss of over one percent on Friday, investors are taking a positive view of heavyweight new as well as old economy stocks.