After two big major events NIFTY has bounce back very sharply from its recent low and trading in downward channel. Medium term trend is down. Nifty has two support areas according to the Fibonacci price cluster i.e 8067.67-8167.48 & 7825-7952. RSI is trading at 48 which may find support at 40 level. Nifty once again may test first support area from where we can see a bounce back till 8600 level.