The 2d volume profile shows upmove above 6120 and resistance at 6185 levels.
The 10d profile shows positional selling above 6175 levels.There is some support at 6030 level.
The hourly indicators show exhausted indicators ready for a bounce ,may be after a double dip / retest of lows with +ve diversion.
The intraday indicators show positive diversion ,which maintained will result in a bounce.
The short term daily indicators are in sell mode ,yet to exhaust ,indicating of some more downside probability.
3. Option Analysis
The support of the series seems to be at 6000 level with max. put open interest of apprx. 85 lac built up at this strike ,where as some resistance at 6200 level with max. call built up of apprx. 56 lac at this strike.
6000 level can be considered a good support for this series going ahead , breaking of which will bring in larger ,swift correction.
4. Pattern & Fibo-Retrace
A broad Channel pattern has been broken in last trading day ,suggesting caution.The support came from another channel pattern with previous high of 6070 level.
As suggested in last weekend's post on EW-
The first modest target (1.618 of the 1st wave) for the 5th wave of apprx. 6235, has been achieved. Now as per EW probabilities, above 6235 apprx. target will be 6345 ,6395.
Below 5965 ,the 5th wave will be considered over at the recent high and the downmove will be considered to be a part of the larger A-B-C correction to unfold.