Nifty index has been trading in an uprising channel for the last few weeks. It was after steep rise from sub 10000 levels to around 10900 levels in a very short span of time.
Last week, Nifty broke this rising channel downwards. The breakdown levels correspond to 10780-10800 levels on Nifty. This makes a bearish signal for the Nifty for the coming few days.
Breakdowns from a rising channel or a wedge pattern usually lead to fierce downfalls in quick times. Slow stochastic technical indicator is also suggesting bearishness on intraday chart (see fig).
This breakdown projects fall in Nifty towards 10300-10320 in next 8-10 days of time from current levels of 10700. Short position can be taken in Nifty Futures or Nifty Options around 10700-10800 for lower targets. Stop loss is a close above 10785 spot levels on Nifty.