Indian indices failed to add gains in the week gone by. A sell-off on Friday wiped out almost all gains seen in the initial part of the week despite demonetisation. Caution ahead of Sunday's Italian referendum and after OPEC's oil production cut were key reasons for the sell-off. Overall, it was a consolidation week for the market with the Sensex and Nifty losing 0.3 percent each. The coming week is also expected to be volatile as the market will likely react to the outcome of Italy's referendum, solid US non-farm payroll data and fall in US unemployment rate to a 9-year low raising chances of the US Fed raising interest rates at its policy meeting scheduled on December 13-14. RBI's monetary policy scheduled on December 7 will also be closely watched. Analysts expect the Nifty to remain in a range of 7950-8300 in the short term, especially, till the Union Budget that will be announced on February 1.
