(1) The Triangle breakout, its still valid breakout, it will turn as false only if the move happens till then its valid break to downside. If triangle works to down on hourly we will get check the above chart. If you are lucky enough you can trail stops in Nifty and head straight to 7900's breaking 8k's , only if we are lucky.
(2) The above is forming at 8k's zone, we have been expecting this 8k's to 8070's for quite sometime and 8k being psychological number too. (a) Now if there is lot of bull power waiting here just to initiate the bull run, so I'm not expecting straight move down to 7900's. Nifty will touch 8k's zone and jump back to 8400's for expiry. (b) Now bears might have turned lazy & will be slow to break 8k, unless some trigger is there. Only if there is trigger straight 7900's possible.
(3) The 8400's , its first serious resistance for Bull's and Bears are protecting 8500;s, showing no mercy at bulls. When we reach that zone Bears will strike back ( I expect ) and take it to 7900's, which will make on hourly as failure one. So till 8400's its fake bull run - Just Fake it !
Why I'm so curious about 7900's ? I have a reason, will explain as separate post over the weekend. We may range today if 8k support is going to hold. As of today,
if you are intra Go with yesterday triangle's post on Nifty or if you are positional wait n watch price action around 8k's n decide whether works or fails.