As in the last post , without invalidating 5885 , tested 5640 and below but held this support on closing basis. Lets check further -
1. Weekly TF :
The Lower Trend Line of Wedge has Supported as of now and is an important support on closing basis . Below that further bearishness may come and target the Channel Trend line .
2. Daily TF :
After whipsawing 200 dma , Prices have kept below it . Sustained Up move only above it as of now. Watch for break of Down Trendline for bullish signal .
3. Elliott Wave Probability :
Though it's likely an A-B-C move down from 6229 or a corrective W-X-Y-XX-Z but can be a 5 wave move also .
Below 5778 we are likely to go down again to test the recent bottom and further below.
4. Option & NF data :
The Open Interest built up in Options is at 5800 CE & 5600 PE strikes. This may be the probable broad range for the expiry week of June series. Close below 5600 will be further bearish and 5800 may resist on closing basis.
NF data suggests Short buildup after 10th June below 5870 . The series may expire below it . The series dynamics is tilted in favour of the Bears .
Larger Trend is Down . It may remain below 5800 this week . Close below 5640 will be bearish and can target 5570 and below. Expiry pressure may further extend the downside below 5570 . Close above 5750 will be bullish in short term with close above 200 dma signalling a reversal .