Bears maintain their grip, Nifty Below 8000 mark

The bears have been hammering the indices from last seven consecutive days and the Indian markets have witnessed a deep cut in the beginning of the week. On November 21, 2016 the real culprits were banking stocks as Bank of Baroda, SBI and Yes Bank were down more than 5 per cent each. The Nifty ended lower by 145 points at 7929; and Sensex was 385 points down at 25765. The indices lost 1.47-1. 80 per cent each.

The advance-decline ratio ended on the negative side. On the NSE, 9 shares closed in green, while 42 shares ended the day in the red.

The Bankex and Auto index were hammered a lot as they closed down more than 600 points each. Metals, Healthcare, Mid-caps and Small-Caps also snapped more than 300 points each. While Capital Goods, IT and Oil & Gas also closed in negative territory. 

In the Asian markets, the Nikkei closed up by 138 points. The Hang Seng index ended down by 13 points. While the Taiwan and Shanghai Composite ended on a positive note.

European markets were also trading in positive scenario.

Derivative Analysis

Nifty future closed below its 200 day EMA of 7980, which is indicating more downward moves.