Union Finance Minister, Arun Jaitley and Revenue Secretary Hasmukh Adhia at the sixth Goods and Services Tax (GST) Council meeting in New Delhi yesterday. Pic/PTI

Nifty closed at 8261 and is well above the crucial resistance level at 8248. This gives further hope to investors. Nifty may consolidate after testing immediate resistance at 8279 and 8305. During consolidation, Nifty may find support at 8200 and 8123. After consolidation, Nifty can scale up further towards 8400 or more. Last week, the Reserve Bank of India (RBI) kept interest rates unchanged. Nikki India Service Business activity index dropped in November towards 46.7 from 54.50. The European Central Bank decided to continue with its bond purchase programme, but the amount will be slightly lower than previous bond purchases. Global equity market positive cues also supported our markets. Importantly, the pace of selling by both domestic and international investors has come down. But retail investors are still staying on the sidelines, in order to look for more positives cues.