NIFTY has already begun its journey southwards. See the Rising Wedge (RW). After shuttling between the trend lines enclosing the RW, it has now started it journey towards a breakdown. The minimum target of such a move is 4100-4050. That is the first phase. After a retrace to around 4350, it may take its path towards 3700. The breakdown point is at 4500; the bottom trend line. Hence is possible that NIFTY opens below 4500.
