Nifty has been making newer lows and highs since September'16. For all the bulls there is a matter of concern that nearly every rise has created "Island Reversal" patterns. These now become very strong resistances ! Nifty will need very strong up moves to overcome them which will not come anytime soon as it appears now.
After making a high of 8968, Nifty has been in a corrective mode. It is making a classic WXYXZ pattern, in which, its in the last wave down. In the next 10 days or so it should be able to complete the move down. This will be more clear in the coming days. However it appears that after an initial bounce to 8400 levels Nifty should correct to around 8100 levels.
On 11-11-2016 Nifty has made a 5 wave move down. It appears that this move down has already been completed or could possibly go down another 50-75 points into the support zone. Subsequently over the next 1-2 trading sessions we should see a bounce back to 8400-8440 levels where there are multiple resistances.