My 2 cents, if Nifty closes below 11555 in the day chart, I think it will come till around 11330 which is 0.618 of its Fibonacci retracement. I have also added two examples of Fibonacci retracements in the recent waves to show the "character" of Nifty chart which generally retraces down to 0.618 level after a new high. After this, the way Nifty proceeds depends on how it behaves after reaching the said levels.
Comment:
Unless Nifty closes day chart above the resistance of 11714 levels, we cannot expect an uptrend. I think within the next week or two, we can expected the said levels.