Pope Francis delivers his speech from the St Peter’s basilica. He spoke about terrorism victims, days after the truck attack that left 12 dead at a festive Berlin market. Pic/AFP

Nifty has moved down below crucial support levels and indicates that the weak outlook will continue. The immediate support lies at 7913, if that level has take taken off then we could see Nifty moving further down. Chances of this are very low because weekly and daily charts show an oversold situation for the Nifty. Most probably then, the markets may trade sideways in initially this week, but we can expect bounce back before the futures and options expiry which will be on December 29. There are possibilities that even in the second half of Monday which is today we can expect bounce back because the US and European stock exchanges are on holiday. FII are net sellers, DII were supporting the market to a certain extent. Domestic investors are still staying on the sidelines, in order to get more confirmed trends in the markets. Nifty has second support at 7644. The immediate resistance for the Nifty lies at 8076 and 8126. Like Nifty; Bank Nifty has also entered in the oversold region, which, in fact, can support the market next week. Bank Nifty has immediate support at 17825 and 17552. Bank Nifty has resistances at 18000 and 18241.