Nifty Spot Hourly Chart EOD 12th May, 2015

Many possibilities exist. g-leg down had to retrace a minimum of 38.2% of f-leg of the diametric, which it has done. Now, the g-leg  can go down maximum upto 7770-7800 range as par the present structure. The bias change or faster retracement from here only can confirm that g-leg down is over. Staying cautious and selling on rallies is a better idea till then.