Nifty December Futures is expected to open at 8263 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8253, says Dynamic Levels.
Nifty might face resistance at 8300, FII sold Rs 19981 crore of shares in November
Indian Market Outlook:
Indian benchmark Index Nifty saw an upside rally of 103 points from a low of 8167 to make a high of 8230 yesterday to finally close at 8253. FII have been selling relentlessly in the month of November to the tune of Rs 19981 crore in cash market. This is the biggest single month selling for the year 2016. Inspite of such heavy selling, Nifty has managed to rise 350 points from its November's low of 7921 to 8270. However, Nifty has a major resistance at 8287 which is its 2 week high. If 8287 is breached, the next target on the upside would be 8614.
The OPEC meeting in Vienna yesterday resulted in some relief to the OIL prices as OPEC members signaled a output cut of 1.2 million barrels a day. The crude prices have surged 8.29 percent in a single day yesterday.
Nifty December Futures is expected to open at 8263 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8253.
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