Nifty Pre-Market View.

Prices broke down below 21 hr sma after 12.00PM at 8119 & 8114 - 3 hr low and fell more than 100 points.
The "break down" point during overbought zone in uptrend below 21/ 34 Hr sma proved rewarding to the followers.
FII's have net sold in the last four days, & big yesterday with a rising VIX...
Week has been in overbought zone with continuing -ve divergences and hour reversed from the overbought zone & heading down again along with the day which has also reversed from the OB zone - the number quite relevant is "DLEma" (presently 8025, also WEma & the DLEma would change based on day's low)
Prices got resisted at the mid channel/ cluster resistances at 8157-61 and fallen to channel bottom.
Prices suggest of:
a) a major correction is underway from 8180 with "A" wave completed at 7925 & "B" done at 8160 .
b) the 4th wave unfolding  for the rise from 7422.(Break of 7841 would negate this view)
Bearish scenario opened below "8055"..
Bullish scenario open only above 8105 & 8160.
The cluster resistance at 8157-61 proved the "undoing for Bulls in ST".
For intraday, weakness continues below 8071, 2- hr High..
Major support exist at 7856-62/ 50 dsma.