Nifty retraced 61.8% of total fall from 9119 to 8269, viz. 8794 on monday but failed to sustain above it. Assuming this upward rally was a 3-wave correction of total down fall the wave X is seemed to ended at 8844 today and now wave Y on downside can retrace 50% of total upmove from 8269 to 8844 and nifty may come back to 8556 in between that 8700 and 8600 will be good support zone.