Nifty Chart

NIFTY CASH ANALYAIS - Hourly chart indicate exactly bounced from 61.8% of the swing 7997-8332 upto 138.2% 8460.  Exactly honoured on closing basis.  So profit booking from here means upto 38.2% of the swing at 8204.

next profit booking area 161.8% at 8540

Fall from 9119 - 7997 swings 50% at 8558

so Strong profit booking range 8540-8558. Above this short covering upto 8690+

Highly OSZ in daily chart and daily chart indicate some more

volatility of the more than 200 points [because of RBI policy] 

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