Nifty View 

Nifty has formed a bullish head and shoulder some days back neckline of which is around 8300 and tgt of that could be around 8600. Currently nifty is in a downward slopping channel the upper end of which is right now around 8500.There is a negative cross-over betwen 100 sdma(8555) and 50 sdma(8437). Nifty is currently around 50 dma. so this 8500-8600 zone will be a congestion zone.

However, on Friday nifty rose on a heavy volume. FIIs which were selling in cash all throughout the April and May has bought stocks worth 2284 crores in a single day. FIIs were also selling Index futures Since Feburary this year they just changed their stance over there too and bought Index futures of more than 3800 crores more then the net index futures sold by them in the whole May series. So this is the right time to go long in Nifty with a stoploss of 8300(below the lows of friday. i.e. 8305.7) for a target of 8500 first and then 8600-8660.
Meanwhile 50 % retracement of total fall from 9100 to 8000 is around 8553 and 61.8% retracemnet of the same is around 8684.

On weekly charts nifty has formed hammer pattern which is a bullish sign again.

                            

Disclaimer: I am not a technical analyst. I analyze charts for my trading purpose i am not advising anyone to sell or buy. Please consult your financial adviser before acting on my study.