This post on NSE Nifty is coming after a long gap. The last posts were on 3/9/2015 ,  22/06/2015 and 28/02/2015.

I am now considering the price movement since the top made in January 2008 to be corrective in nature as shown in the weekly chart below. As per this, we are now in wave C of this corrective A-B-C pattern. This is a little un-orthodox count, since B overshoots the top made in January 2008 by almost 62%. But when rupee devaluation is factored in, it doesn't look all that odd. As per this count

1. Wave a and wave c are almost equal.
2. Wave v of c was an extended fifth wave. If true this implies correction at least till the end of wave (ii), which was around 6000.
3. We are now in wave C which looks like an impulse wave down.

 Following daily chart show the impulse wave counts of the down move started since the top made in March 2015. Prices may now be in wave iii of some degree. If correct, this may be the steepest phase of correction. Once iii is complete prices may gradually move down to complete remaining waves of various degrees.