We had written a note on how Retail Investors keep averaging stocks in this article on NooreshTech Blog
http://www.nooreshtech.co.in/2018/04/why-do-traders-go-bust-and-investors-get-lost.html
Look at this snippet from Kotak Institutional Research Report.
Almost all the stocks are in downtrends and have corrected more than 20% from their highs.