After trading strong through he day yesterday, Nifty witnessed selling towards close and ended the day in the red, which is negative.The bears were able to get the better of the bulls. Nifty has now closed below a PENANT formation on intraday charts and according to this, Nifty could head towards the 7800 levels. However the Nifty remains over sold and any bounce could be sold into, until 8390 is taken out on the upside.