If the level 3340 is not breached, Nifty could bounce back from current levels and move above it’s previous top of 3642 in two or three trading sessions. Even if it moves above 3642 in coming trading sessions, another drastic fall from there towards 3425 is possible.
Instead, if it breaches 3340 level, then Nifty could slide towards 3290 region. Even this level is violated, We could see further drastic fall towards 3050 region in coming trading sessions. Exit your long positions if 3340 is breached.
Only a move below 3290 would confirm further downside. Otherwise, there is a possibility of sharp bounce back.
In the Medium term, if Nifty moves below 3290 region, the bullish view on Nifty for the time being is negated. But, as long as Nifty stays above 3290, the bullish view on Nifty remains valid.