Nifty to bounce or correct 1000 points.

NSE:NIFTY   Nifty 50 Index
Nifty is at a crucial level.

On the left we are looking a the 50 monthly EMA in white where nifty made a low on Monday. In the past (2016) nifty used this EMA to bounce and recover a huge amount of its loss. The 50 EMA bounce may recover 1000 points on the nifty in the next 30-60 days.

On the right we have the 100 monthly EMA in yellow. This was the EMA that supported the 2007-2008 down move. The EMA is at 8900 which is 1500 points lower than CMP . The market looks very negative and all sectors globally look like they are bearish .

With fears around COVID-19, Oil wars and increasing risk averse nature in lending, I would be more inclined to believe the chart on the right looking at the global situation of the world.
Comment: These are my personal views and not a recommendation.