This is 15 minutes time bar chart of Nifty covering bounce after 10562 which is part of wave (c) on daily chart and I am analyzing it independently. It can be inner wave 5 of (c).
The bounce seems impulsive with wave (1) completed from 10562-10826, wave (2) may be completed from 10826-10579, wave (3) may be completed at 11238, wave (4) or (5) may be in progress.
There is doubt if wave (4) completed at 11056 or not because if wave (4) completed at 11056 then wave (5) achieved minimum 38% projection but pattern of wave (5) doesn’t seems completed.
Either wave (4) is forming a complex Irregular Correction or wave (5) completed with a pattern which I am not able to identify.
38% retracement of wave (3) is placed at 10986. So, 10986 is immediate short term downside breakeven point. Break and stay below 10986 for more than 30 minutes can result in decline towards major support 10917-10655.
There is confusion in wave (4) or (5), so we need to concentrate on decline after recent high 11341 to check its pattern and to calculate immediate levels.
After 11341, it seems wave (a or 1) completed from 11341-11153, wave (b or 2) may be completed from 11153-11229 and wave (c or 3) may be either completed at 11051 or still in progress.
23%-38% retracement of progress of wave (c or 3) is placed at 11109-11145. So, 11109-11145 is immediate resistance and 11145 is immediate upside breakeven point. Nifty is in negative zone for very short term as long as trading below 11145 and can give one more decline of 110-160 points (38%-61% projection of whole decline] but trading above 11145 for more than 15 minutes can result in bounce towards 11299-11341 again.