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.
Nifty future is already down 100 points at time of writing this report and future is trading at 8596 we expect another 50-100 point correction in this week from where good quality stocks can be picked up in parts for a pre budget rally.
Intraday resistance now at 8640-8685
The 50 Day Moving average for nifty future is at 8480 now. The Hurdle for the trend is at 8685 if nifty unable to hold above the hurdle this week the correction shall get extended to 8350 in coming days.