Markets may open in red; 8000 level crucial

The Indian Stock Markets on November 18 remained fragile with Sensex closing at 26150 down by 77 points; and Nifty closing down by 6 points at 8074. The markets witnessed profit booking at a higher level as the markets are still looming around demonetisation’s after effect.The European market  too closed marginally down and all the major indices like FTSE 100 and Dax lost almost 0.20 to  0.28 per cent.The US stock market ended lower as it prepares for slew of economic data and surging US dollar; also rising interest rates kept the market guessing. The Nasdaq closed down 12.46 points, or 0.2 per cent, to 5321.51, after settling at an all-time intraday high of 5346.80. The Dow Jones industrial average, which set a record high this week, closed down 35.89 points, or 0.2 per cent, to 18,868.Asian markets on November 21 are trading cautiously with Hang Seng and Nikkei marginally up in the range of 0.37 to 1.03 per cent. Shangai SE composite index however is down by 0.14 per cent. SGX Nifty is trading with losses of 0.14 per cent to the levels of 8066. Markets are expected to open in red. Traders will closely watch the 8000 level of Nifty. If it breaks that level more selling pressure could be witnessed.