We have witnessed three outside bearish reversal bars in march month every week, Even After a gap up opening on any global positive news or local triggers market has not been able to hold the gains or reverse the trend and has declined sharply in favor of the bears. On the broad range from chart above one can clearly see the trading range for nifty future since january 2015 till date.
Nifty Future has had seven consecutive down close days followed by a uptrend and short term trend is definitely down. The major support area is now at 8550. This is 50% retracement level from the previous lows of the trend as same can be seen from chart above.