The up-trend since 26th Dec (7895) has been pretty strong, which each pause in the up-move finding support at 38.2%FR. So although we have a pretty bearish Daily Candle for 13th Jan, we still need Nifty to go below 38.2% FR (8372) which are 13th Jan Day's lows as well for a high conviction short trade. So below 8370, we should see 8250 on Nifty.
Trade active
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Nifty has gone below 38.2% FR (8372). Any bounces to 8400-8425 zone should be used to build short positions for a target of 8250.