Whenever prices move far away from "averages", there is a tendency to "catch up" by either a sharp bounce or a shallow-time consuming correction.
On 07th Aug-Nifty Pre-Market View, we suggested the first support " 7530-40 with a weekly chart. We, then, stated on 08th Aug, Pre-Market View:
Hence, we look for a fall towards , preferably till 7535..
The corrective fall from 7842 to 7540 shows a distinct 3-wave fall.
The fall from 7752 to 7540 could be labelled with 5 sub-waves.
We, hence, look for a retrace upto 7625-44, above which market could rally anywhere, provided it breaks past the resisting trendline.
The reliable 9-Day rsi was resting at a critical support from where it could, at a minimum, force a reversal which would depend on prices holding above 7594 in the coming days.