No Reason Why You Should Short Nifty. Yet.

The chart is self explanatory. The trend is sitting nicely on a support, looking to have given a false break down (Requires confirmation). The price still hasnt breached the previous distinct low seen on Jan 29, 2021. The price action is consolidating between 1.414 and 1.618 Fib extensions of March 2020 fall, which makes it look like a time correction, instead of a significant price correction.
Now tell me you would you want to short Nifty when it hasn't given clear cut signs. Don't jump the gun on shorts. My view is neutral as of now. Let the market either breach ATH or Jan 29 low.