In this 1hour chart it looks like a three wave move and it can be abc or 123. So nifty is in positive zone as long as trading above 12417 which is 38% retracement level.
12626-12417 is immediate support range and nifty negative only if it trades below 12417.
12626-12417 is immediate support range and nifty negative only if it trades below 12417.