It shows the weakening movement.Though a small bounce can be expected early tomorrow.
2. Daily chart:
The Rising wedge pattern on breakdown changed to range bound channel trading.lookout for break of the channel as indicators are either O/B or in sell mode,with negative diversions.
3. Weekly chart:
The Weekly movement is in a channel sice last four weeks.Check for the break of the range at 5480-5350 for positional trade.The indicators are in O/B mode with negative diversions.
The accumulation of 5400 calls and reduction in 5400 & 5300 puts emphasize weakening of prices and some downside.
The PE ratio has reached its resistance near 23 levels and the VIX is also trading near lows and forming a bottom.They both indicate nearness of an intermediate top.