Nifty Future Hurdle 8895
Resistance 8915 8975
Support 8835 8780
Nifty future closed the week on a very weak note. After the one way rally from past couple weeks of January series nifty future was looking tired and consolidating around 8800 to 9000 range. last whole week the market tried to hold above 8800 levels and tested 9000+ intraday highs on friday before sliding up towards 8900 and lower.
The last bar on nifty future is the outside bearish reversal bar formation. Hence from here new upside looks less likely to happen.
Hurdle for the week is at 8915 if this level is sustained bulls may try once again to run for 8950/9000.
On downside the supports are at 8835 and 8780. however stock specific action shall continue.