Nifty chart hints 6900 if 8000 breached: JPMorgan

The Indian Nifty can slide to 6900 if the psychological 8000 is breached, JPMorgan said in a recent research note. The report further said despite recent corrections, the index is not oversold and remains in a bear trend.

"For now, 8000 is a critical level for the index although base case is bearish with meaningful downside," Sunil Garg of JPMorgan said. The index has traced out a 'head & shoulders' top with an 8000 'neckline' - a break below this has a measuring implication of around 1,100 points downside, he added.

The Indian markets have been rather volatile over the past few weeks due to concerns over weak monsoon and more recently the Reserve Bank governor’s hawkish comments.

The Nifty and Sensex fell nearly 4 percent in the past two weeks.