NIFTY is trading very close to the recent support at 12750.
If it breaks, Nifty will fall sharply.
Before that there can be an attempt to retrace back to 12950-13000 in spot prices.
So if you are not in trade, you can take 12750 as a stop loss to go long for 100-150 pts. else you can wait for 12750 to break for shorting nifty.