A morning walk down Dalal Street | Close above 11,228 can be considered as initial sign of strength

Nifty posted its longest losing streak for the first time in the last 8 years. The index closed in red for the 9th consecutive day in a row.

The index broke below its crucial 100-days exponential moving average (EMA) placed at 11,253 to form a bearish candle. The next support could now be placed at its 200-days EMA placed around 11,035. 

In terms of sectors, the Nifty PSU Bank lost 5 percent, followed by Nifty Pharma which lost 4.3 percent, and the Nifty Media was down by 3.7 percent.

The broader market underperformed the benchmark index. The Nifty Midcap index was down 2.69 percent while the Nifty Midcap index dropped 2.1 percent.