Sensex lost 271 points on Friday amid news of fresh weakness in Spain and Portugal. The fear is these two countries might be new Greece. This caused widespread weakness in stock markets across the world; Euro hit fresh low against dollar.

I believe this is more of a knee jerk reaction. Firstly, situation in Spain is not as bad as in Greece. And secondly, it is not an intrinsic problem for Indian market either. True, Indian market will react to this kind of global cues, but the impact will not be as sever as those of the European markets.

So, I believe that the market will return to green soon in the coming week, though there will be volatility.

Also, the weak SBI numbers added to Friday's crash. So in near term, probably SBI will remain weak. Other banks like Karur Vysya, Axis Bank or Kotak Mahindra Bank are looking more promising now.

Battered metals got some fresh batterings on Friday. So I think stocks like Sterlite, Sesa Goa, Hindalco, Tata Steel, SAIL will gain 4-5% this week from their closing levels on Friday.

Though I beleive metal will remain a weak sector till the market really gains momentum. So, for retail investors like me, it is wise to avoid them right now. May be there are some scope of making some quick money trading the metals; but that's not my game. I am an investor, not a trader.

I did some cherry picking of Tulip Telecom and Kotak Mahindra Bank during the deep fall on Friday. One can always do that as the broad market looks positive in the medium term. However, one should not get carried away and get over board; there is always a chance of sustaining injury while trying to catch a falling knife.