A morning walk down Dalal Street: With no recovery in sight, analysts advise to stay cautious

The index witnessed a steady rise in the first three days of the week but saw profit taking at higher levels in the last two days that pushed the Sensex below 37,000 and Nifty below 11,000.

However, on weekly basis, both Sensex and Nifty rose 0.2-0.4 percent for the week ended February 8. 

Most of the carnage was seen in the small and midcaps that plunged over 2 percent for the week. More than 350 companies on the BSE, mostly in the broader market, hit a 52-week low on February 8.

As many as 21 stocks on the BSE hit an all-time low in the week gone by including Reliance Power, Reliance Communication, Suzlon, Inox, ICICI Securities, Cochin Shipyard, Coal India and Shankara Building. 

There's no sign of reversal yet thus most analysts reiterate their cautious view on markets and suggest keeping positions on both sides. In coming days, investors will watch out for global cues, macro data and earnings.