On the left we are looking a the 50 monthly in white where nifty made a low on Monday. In the past (2016) nifty used this to bounce and recover a huge amount of its loss. The 50 bounce may recover 1000 points on the nifty in the next 30-60 days.
On the right we have the 100 monthly in yellow. This was the that supported the 2007-2008 down move. The is at 8900 which is 1500 points lower than CMP . The market looks very negative and all sectors globally look like they are .
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.