Yes, going against the trend is catching the falling knife, but if you have the skills, there won't be any fear. From the Nifty chart we can clearly see that there is within . I expect the to give Gapup open today. If the fails & support is also broken, we do have another potential completion around 8620's. Those who are trailing stops on short trades, will enjoy Nifty if that happens.
Just another note, some believe that if there is support or is marked Nifty should bounce like ball after hitting the zones. No Guys, its just an area on chart where Nifty can take a break,relax and regain its stamina to proceed on any direction, sometimes Nifty or any other scrip broke in seconds. That doesn't mean its not working. Hope this clarifies about support / Resistance.
Happy Trading !