Nifty, with a decisive fall below last low of 5487, confirms the 3rd of 3rd, with a "Fast fall Set up" to support it...

Nifty, downtrending, uses +ve global cues to sell off to close below all the TT numbers.

Nifty had given a fast fall set up few days ago and is revisiting the earlier lows again. Bulls have a small chance of recovering if either 4690 or 4720 is held tomorrow & recovers.(alt.B.b gets completed there). Harpreet(Happy) has given one such Gartley pattern below.

1. JustNifty TA(13th Dec)

Possible gartley in making in nifty day chart, with leg BC in the making and should be completed by 15th dec @4690-4710 level, below that there are possiblity of Shark pattern or even a ABCD, will update about other possibilities in case 4690 is taken out earlier. Courtesy: Harpreet(Happy)

Nifty PreMarket View

5sma (ST average) & 50sma (MT average) are poised @ 5006 & 5011 yesterday. A close below 4936(Coinciding with today's JNSAR) would turn down the 5sma creating a potential "fast fall set-up." I say..potential...since follow up action is required. Similar set up is emerging on BN too."4992"-WEma - a close below it today would turn down the week TA.
What can spoil the bear party is close above Low emas, especially the WLEma which would keep the sideways mode on.
The chart below has been added with "quantum of falls and rises" to understand the tendency of the market as well as to choose the more beneficial direction. During the last fall from 5382 to 4639, the biggest drop was of 215-239 points. If similar trend unfolds, "4860" or "4884" is a point from where a 75 to 89 point rally could unfold. This coincides with our 1st support.

A caution here: If this fall is part of the "C" wave down, the intensity could increase compared to the last one. Besides markets behaves differently each time due to changing T/F set ups.

However, this quantitative analysis would help in part booking as well as reselling.