Yesterday, I'd mentioned 2747 as a possible downside target for NIFTY if the double-bottom did not materialise. The index dropped down all the way to 2748.5 missing the target by 1.5 points!Having re-aligned the Gann Grid, things continue to look bearish for NIFTY. I have highlighted a couple of targets. The fact that NIFTY has closed below the 180 degree line is definitely bad news as the conclusion is that it will try to make its way down to the 360 degree line. Unless of course, the rising green diagonal above the 360 degree horizontal line provides support causing NIFTY to bounce.
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