Nifty Pre-Market View.

FII's have been buying for the last 8 days after the consolidation within the major uptrend.
Prices, however in the short term, have closed below two key ST averages. (As long as prices close below these, technicals remain weak; after a close below it, "follow up" is important; if not, trend would reassert)
The ST direction is "biased Down"(but oversold for a minor bounce), as long as prices stay below 7691-7707 & close below these two key averages (21 or 34 hr smas).
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it.
Aggressively Holding below 7654(DEma), Conservatively Holding below 7683(JNSAR), downtrend continues....
Aggressively Holding above 7560(2-Hr Low), Conservatively Holding above 7547(WEma), minor rally likely....