FII Continue the Selling Spree, Nifty to Remain Under Pressure

Indian benchmark Index Nifty saw a sharp upside rally of 74 points from a low of 8147 to make a high of 8219 in the first half of trading yesterday. In the second half, Nifty corrected from its day's high of 8219 to 8161, a correction of 60 points and finally closed at 8176. This fall was accompanied by sharp rise in the Indian VIX, the fear indicator of the Indian Indices. Nifty has a major resistance at 8287, which the markets are not very likely to breach now. However, Nifty saw a sharp selling from 8219, just 68 points short of the major resistance. This could put some pressure on the markets.FII have continued their selling spree in the cash market. The net selling for the month of Nov stands at Rs. 19547 Cr, highest one month selling in the year 2016. The NSE Small Cap Index, a good indicator of the broader market, rose by 410 points, 7.57% in last 6 days. However, it corrected yesterday from a major resistance of 5796 to close at 5762. These are the indicators that markets might witness some pressure.Today we have the OPEC meeting at Vienna, where oil output production cuts would be the major agenda. However, Iran has refused to lower any production. If the meeting fails to conclude on Oil Production levels, we might see markets under pressure.Nifty Dec Futures is expected to open at 8154 as per SGX Nifty at 8:30 am IST, which is 11 points above its previous close of 8143.