Indian benchmark Index Nifty saw Nifty opened gap down at 8165 on Friday. It made a high of 8190 and saw a sharp selloff of 95 points to make a low of 8095 in the last hour of trading Friday. Nifty finally closed at 8109. FII have continued their relentless selling in the month of December with a selling of Rs. 593 Cr in last 2 days. As stated earlier by Dynamic Levels, Nifty took resistance near its weekly level of 8288 and might continue to witness this pressure.Italy's Prime Minister is going to submit his resignation after 60% of the voters voted against the proposed changes in the constitution. This will have an adverse effect as this has resulted in a political turmoil in the country. We should keep a watch on the European Markets today as a continued selling in the European Indices can result in Nifty remaining under pressure.7th of December, Wednesday this week, we have Urjit Patel, RBI governor's, second monetary policy where markets have high hopes of a interest rate cut. A rate cut would result in a weaker Rupee which would directly benefit the export oriented companies and rate sensitive companies. IT and the financial services sector would be the direct beneficiaries.Nifty Dec Futures is expected to open at 8104 as per SGX Nifty at 8:30 am IST, which is 16 points below its previous close of 8109.