Jai Bala of cashthechaos.com on Monday said that only financials are holding up, otherwise market is a very weak spot.

"The banking index is the only one that is holding up. Even IT is in a bit of trouble. You don’t want to see Infosys breaks Rs 710 or you don’t want to see Tata Consultancy Services (TCS) breaks Rs 2,100. If that has happened, the market is losing one more leg. Only Hindustan Unilever Ltd (HUL) and HDFC are holding up now," Bala said.

"The very important thing to note in today’s session is that the rupee has printed 70.4, which is absolutely crucial and just wanted to point out that rupee is heading for fresh record lows beyond 74.48 that it clocked in October. I don’t know what is going to drag the rupee there but all indications moving in that direction," he added.

"If the market is to remain corrective, it must not print 11,118. If it does that, I think the market is getting drag to the October lows of about 10,004 it clocked, that is looking very possible. But in the short term, the market is going to bounce. It is a ninth consecutive day of decline and we are going to see some short term relief. If the market does not carry beyond 11,564.80, which I think is going to be very difficult for it, this is the start of a big correction for the market. If it does manage to not 11,118 and also print 11,564.8, I think this is a correction it is going to be a bit difficult for it," Bala said.