We have potential Bullish Butterfly (Blue color) in Nifty.
Expected reversal area around 8050 - 8070.
We have another setup of Bullish Cypher (Red) as well.
However for the fulfillment of Bullish Cypher condition Nifty has to move below 8000. I will cover that part if the condition gets satisfied.
Ideal Cypher pattern will have CD leg as 0.786 retracement or 0.886 retracement which does not fall below 7950 level. I am taking some liberty here
if Nifty goes past 7915 we will have to consider failed setup of Bullish Cypher. Already Bullish Butterfly set up has failed.