Nifty has given up the gains from last week and has actually closed just below last week's low.
The reason for this is because of bullish breakout failure -- it failed to break upward and close convincingly above
7715 (
reasons & logic posted here). It did close at 7716 last week but the move wasn't convincing.
Interestingly, today's close is
7615 (100 pts below that breakout level)
The next consolidation level is downwards, in the range of
7605 to 7530 (close to the mean)