Nifty in Downtrend?

We could see that Nifty was unable to close on a positive note today showing chances of a reversal in trend. The channel is being continued even in Gift Nifty as well. Although, the market is waiting for Bullish Budget day announcements, the charts show a negative move. The FII's are also putting Bearish pressure by net Selling their Holdings once Nifty reaches the channel resistance level. Could this be a possible Downtrend or just a retracement for the possible upmove?. I think it's better to wait for fresh buying in Equity, until Budget day is over as the volatility has risen as depicted by India VIX.
Share your views as well.

This analysis is purely for educational purposes. Do your own analysis before taking any trade decisions.