Nifty P&F (Wk 3108-0409) - watch out the nature of fall; 8170 would arrest the fall else downward supports 7300 >> 7000 >> 6300

Recap:

Both 7916 & 7885 have been broken.

Weekly Analysis:

Daily Analysis:

Summary:

Weekness that was visible finally gave in. Sudden gap down fall has hit the VPO & in very short-term expecting a bit more consolidation before it resumes the fall. However, in the process of consolidation, if it crosses 8170, the fall could be arrested.

Weekly VPO is looking at a target of 6350. If the fall is a meltdown it might be soon. else, it might do the movement in the weekly channel. Supports in that case could be 7300 followed by 7000. My take is it's more of correction than a fall.