A picture shows ballots in a polling station during a referendum on constitutional reforms, yesterday in Rome. Italians began voting in a constitutional referendum on which reformist Prime Minister Matteo Renzi has staked his future. Italy has had 60 different governments since the constitution was approved in 1948. Pic/AFP

On Friday, Nifty closed below the psychological support level at 8086. It looks moderately weak. Continuous FII selling and shaky global market cues are key reasons for weakness. Global investors are staying on the sidelines, ahead of the Italy’s referendum which will be known by the time you read this report. Investors are also keenly watching Federal Reserve’s policy meet, slated for December 14. If FED increases interest rates, we can expect further pull out from global equity markets by investors.