Most important fact to be consider for the above alternatives is PUT / CALL Open interest . 9100 Put And 9200 Call OI interest are around 52-55 lakh.
1) Head and Shoulder formation (As shown on chart)
2) Running flat : Assumption A leg started on 28 march green candle with low 9079.8, Currently B leg move down to fill the gap and Than C leg up
3) Double Irregular flat A leg started on 28 march green candle , B leg ended today by going slightly below A. Than C leg up which can go slightly above A
4) Standard Flat IF it is standard flat than in above case 3 , C wont go beyond A
but nifty has to retrace towards 8600 - 8700 .
Timeperiod : 1-2 months
As all global markets moving downside also... one imp reason