Nifty Chart

-ve breakout line implies the TARGET of 7700 - coincide with the Trend line
projected Elliott Wave Weekly chart support at 7790. [so 7700 target may be flash
rate on terminal]

Closing basis 7790 is important for further move.  Weekly Chart EW study
shows the target 9500+

So wait and watch for the Lower side also and Buy on DIP for further move.

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] 

Nifty Chart

Nifty stopped around short term negative breakout trend line and expected the
short covering up to lower top trend line once crossed above ST trend line.
Continue lower tops in oscillators indicate  short term profit booking also.
Consolidation stage. 8460 crucial for Bulls then minimum TARGET
8500+.  Global cues will impact some negative opening.  Highly
oversold in daily chart and OBZ in hourly chart implies consolidation.
WAIT AND WATCH