Nifty hourly is at the PRZ of a Bearish Harmonic Cypher. It also happens to be a resistance as per Ichimoku in hourly time frame. A retracement till 12100 could be probable from here provided it does not give an hourly close above 12250.
In weekly time frame it is showing signs of revering from a Bearish Harmonic Cypher PRZ. In hourly time frame it has made a Bearish Harmonic Gartley and reversed. Failure to hold 490 on closing basis in daily time frame could be a trigger for the expected down move till 450. In hourly time frame trading above 513 would negate the move for now.