This pattern should NOT be viewed as a down side target for Nifty .. but if price reaches point D, then it would be setup for Longs.
Price point D is also particularly attractive as it marks post election result June 2014 high and a cluster of prior resistances in that zone.
For short term view see comments section below.
Watch price action closely at these levels for tactical entries/exits.
There is always a large number of traders who enter/exit based on swing points. High chances of traders being trapped at these points causing price reversal and opposing order flow.