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There has been no respite for the bulls on D-Street so far during the week amid weakness in the global markets.

The domestic market witnessed severe selling for the fourth consecutive week, with the benchmark indices losing more than 15 percent.

The index Nifty closed near the 10,000-mark last week and has now breached the 8,000 level with ease.

At this juncture, it is trading with a cut of around 17 percent, while the Nifty Bank index has lost around 20 percent from the previous week to settle near the 20,000-mark.

At present, the technical supports are not working since the fall has more to do with the overall sentiment.

Earlier, we expected the 9,500–9,000 zone to attract some buying but that possibility has been ruled out as Nifty has breached the 8,000-mark.

Currently, the index is hovering near 8,000 level, which is the 78.6 percent Fibonacci retracement of the entire rally from 6,826 to 12,430.

Further, there is a major hidden divergence in the monthly RSI of the Nifty index, and this will not be negated if 6,825 remains intact during this month.