As can be seen from the above Nifty Weekly Chart the last week candle has fallen out side of the ascending trend channel which is bearish hence can potentially target the base of the breakout bar which is at 7521.
Summary:
1) Below 7773 Nifty is bearish.
2) Above 7773 Bullish attempt can be made but with cautious as 7972 will be the target or next resistance level.
3) Hence if short manage your shorts with 7773 as SAR (stop and reverse) with 20 points filter.
Final words:
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Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!