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After a volatile week, the market has consolidated on Friday. The Nifty held around 8250-level firmly with support from IT, auto, pharma and FMCG stocks. The 50-share index ended at 8262.35, up 38.15 points or 0.5 percent while the Sensex was up 117.94 points or 0.4 percent at 27324. According to Ridham Desai, Managing Director, Morgan Stanley, 8000 is a good level for the Nifty. However, he continues to maintain his year-end Sensex target at 32500. He says macros and data points in India have improved in the last few months. Desai continues to remain bullish on equities and says the correction has given a good entry point to investors. He says the Indian market is still in a bull phase and the ongoing correction is a part of the bull market correction. Read more- http://www.reddit.com/r/FinancialPlanning/comments/361z8t/stocks_to_buy_on_monday_trading_tips_for_tomorrow/

The combination between the Fed announcement, meant to help the economy, and the Moody's downgrade pulled financial stocks, especially the major banks, lower for the day. Bank of America and Morgan Stanley were among the biggest losers with MS hitting a new 52-week low.

Morgan Stanley's pessimistic note on the state of the global economy and the likelihood of a double dip sent shares of stocks across the financial sector into a hole today. The debt in Europe and weak U.S. home sales have been inescapable negative drivers for the sector.

A Bank of America default could have led the financial sector to lows rivaling 2008.A $5 Billion influx from Warren Buffett's Berkshire Hathaway led investors to breathe a sigh of relief and consider buying financial stocks today.

Stocks are up today as the market is hoping that the Federal Reserve will announce a new round of stimulus on Friday. Promising data from China and Germany also helped to boost sentiment.

Stocks have been flip-flopping today as Wall Street bounced back and forth between gains and losses. Gold and Treasuries keep pushing higher, suggesting safety is top priority for investors.

Cisco has been in the mud for several quarters but the company is starting to look attractive again. Many tech majors have been taking a hit with weak guidance on strong quarterly results but Cisco is bucking the trend with strong orders.

The appeal of financials seems obvious right now: they're cheap. That does not; however, make them a worthwhile short-term investment as new global economic challenges require fresh metrics of assessment.

Financial stocks were mixed on Friday with the major banks sliding on European debt woes and credit companies ticking higher on news of consumer confidence that outshined expectations.