1) According to Dow Theory, unless Nifty make a lower high and violates the prior higher low (9,700), bull trend is still intact.
Lets study the current signs in more detail, --> Violated the short term uptrend support line --> Double top formation --> Negative divergence on RSI --> Retested the upper end of the long term rising channel
According to Fibonacci Retracement, --> 0.78% falls near 9,700 which is also the next support level. --> 0.50% falls near 9,000 which is major support level and also might be the lower end of the rising channel.
Conclusion, --> Major trend is still intact although current signals are bearish for short term --> Next levels of support are 9,700 and then 9,000 --> Please correct me if I am wrong, would love to learn. Happy trading :)