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.
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