Dynamic Levels' Market Outlook:Nifty to stay weak on FII continued selling and weak global cues Indian Market Outlook:
Indian benchmark Index Nifty
opened at 8252 yesterday, just below its previous day's high of 8270. After testing the same level in the first 15 minutes it experienced a selloff of 65 points from a high of 8271 to make a low of 8205. Nifty finally closed at 8209 yesterday. FII have continued their relentless selling even on the first day of December with a selling of Rs 402 crore.
As stated earlier by Dynamic Levels, Nifty took resistance near its weekly level of 8288 and might continue to witness this pressure. However, next week has a major event lined up, the RBI credit policy on December 7. This credit policy needs to be monitored even more minutely as demonetization has already left its unforgettable mark on the face of Indian Economy. Expectations are that of a rate cut which would be cheered by the markets and companies like DHFL, Yes Bank and others in the banking and financial services sector would be direct beneficiaries. The target on the downside for Nifty is 7921, the low made on November 21.
Nifty December Futures is expected to open at 8159 as per SGX Nifty at 8:30 am IST, which is 50 points below its previous close of 8209. Disclaimer
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