Reuters Market Eye - A couple of indicators signal the Nifty has a key support at 8,400.
The 23.6 percent Fibonacci retracement of the rally from Oct. 17 low of 7723.85 to a record high of 8,626.95 on Dec. 4 rests around 8,414.
Meanwhile, put options at 8,400 reach 5.74 million outstanding positions as of Monday's close, according to NSE data.
That level has the highest outstanding positions among index puts.
The Nifty has fallen nearly 2 percent so far in December.
Index trading flat at 8,439.65.
(Reporting by Abhishek Vishnoi)
