The Price channel indicator shows a flat line on 8772 on hourly chart, so taking it a cloud, one can go for short with a 4-5 points SL and target as 8560 as Fib next level.
8615 - 8600 is the primary hurdle. It could go below 8600 today last hour or tomorrow. Whatever happens, it seems the high 8675 is not likely to be breached before budget day. Follow a trail stoploss if Nifty goes above 8652 today.
Our trade is doing well as running at 8585, safe traders can book half as Nifty may sluggish on sideways for few hour today. There is a chance that it could hit 8560-65 today in later trade, but one needs to be a bit cautious and prepared for closing it.
Watch Out for Nifty as if it's hit target before 12.30 PM (as it seems so now), we could expect more downside later today.
Trade closed: target reached:
Finally, it's a good 100 points made.