Nifty December Future began the week on positive note and tested the psychological level of 8000. RBI kept all key policy rates unchanged in its fifth bimonthly monetary policy review. Nifty Future took resistance of its 50 days moving average and dragged down till the 7800 after breaching the previous support level of 7950, market breadth was negative in later part of week following weak cues from the global market.

Nifty Future gave closing at 7829.35 with the net weekly loss of 142.85.

Market weakness is seen impacts of flooding in Chennai are impacting the market due to the presence of large automobile and IT business in the area. Also concern of a US interest rate hike. Market movement in near term will depend on macroeconomic numbers IIP , CPI and WPI to be announced next week. Crude oil price movement, trend in FII investment and global market may decide market trend in upcoming trading sessions.

Technically Nifty December future is looking weak on charts and is likely to trade in broader range of 8000 and 7700 in near term, It has strong support at the level of 7700, if this level is breached then it may show southward journey till the next support level of 7500.