Monday, 12 December 2016

Expect Nifty to open at 8240

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Nifty opened at 8275 on Friday and traded in a small range of 40 points with the high of 8294 and low of 8255 to finally close at 8275. FIIs have turned buyers in the month of December to the tune of Rs. 343.85 Cr. However, Emerging markets are showing an intraday correction as reflected in the Morgan Stanley Emerging Markets Index. We must be cautious in Nifty as it is expected to open gap down today. 

8220 would be very crucial support for Nifty today, as sharp buying was seen from these levels. Below 8220, we might see Nifty under pressure. Nifty Dec Futures is expected to open at 8240 as per SGX Nifty at 8:30 am IST, which is 35 points below its previous close of 8275.

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