Posted above are the Hourly and 15 Min charts of Nifty Future;
Hourly (on the Left Side);
As you can clearly see and marked by red dashed line that the sequence of Price making Lower Highs and Lower Lows. The shaded area was the gap that got filled and Price did spend some volatile movements there. It needs to clear it with conviction. And also reclaim the previous Pivot above.
15 Mins (On the Right Side);
The situation is pretty same the recent pivot high is also at the previous congestion area.
Right now for NF the overhead resistances are in the range of 7790-7810 and then immediately above is the congestion area of 7830-50. Above that road is clear for another 100 points!!!
Having said that let me also add that Price normally tends to follow the path of least resistance and right now the path of least resistance look like the path downwards.
Charts and their interpretations are subjective. As the saying goes "Two men saw through the bars (candles in this case (:- ), one saw the dust (bear) the other stars (bull) ! In the end the only sane advice that has stood the test of time is the gujrati saying "Bhav hi Bhagwan Che"
Cheers !
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