Does this a severe fall ...???

The Nifty lowers levels are expected but the reasons for the fall are more serious than the technicals and likely to turn out to be a serious blow to markets. The heavy weights now will follow the trend and weigh pressure on the Nifty. If this happens then the Nifty is capped at 5220 for some time now and may take months to recover. The Nifty may find it difficult to bounce to higher levels if it trades below 5080 level for more than 3 trading sessions.and the low shall not trade below 4985-5015 level at any given point of time.
The RIL may be due to the anticipation of the favourable court order ( RNRL-RIL case), could stay above 1000 level but the support can be expected from 983 level. The SBI,  star performer may find support from 2220-14 level. This could even become an indicator for the temporary bottoming of Nifty. The Tata Motors is another Bull scip which may find buyers at 803-07 level form where the Nifty also likely to get bounce or by below 10 more rupees a sure bounce is expected in the scip and in Nifty.
The world markets are getting effect with China’s exnomic policies and bruing asset bubble. The commodity stocks got hammered due to this reason but they bounce with vengence as the Indian economy is fast growing, so is the US. For now, there are no rules for this week at least, likely to loose 5-6 percent on the Index, wow basis due to the emotional street involvent is an indicator to go by.