Nifty: This channel will tell you if there is another leg down

The channel here contains all the price action that has happened from March Lows. Currently this channel has enough room on the upside to allow for any major rally. If the worst is over than this channel should continue to hold and we will only witness a breakout on the upside eventually.

On the contrary if we see that prices break below the lower trend line it will be first indication that we may be seeing a second leg of the fall we witnessed in march (less likely).