Fib retracement and time series indicate that nifty might drop tomorrow beginning of the session since the downward trend looks pretty strong from the trade volume of nifty future in the last 4-5 sessions.
Nifty tested the trendline as was suggested in the previous study.
The trend lines seem to intersect in the right situations and in-line with fib retracement level. It would be great to see nifty pan out this way. If Nifty crosses the 7808 level while laying below the resistance trend line, heavy downside can be expected.
Everything is being calculated here on the 1 Hour Chart. Considering oversold indications on RSI chart and strong Support at 8120, if nifty holds 8120 level, there could be an upside with following targets - T1 - 8187 T2 - 8259
Nifty probably will open with an uptick with targets as below. T1 - 8180.4 T2 - 8214.90
It seems that Nifty is going to rebound in a couple of days to glorious highs.