After the recent rally and very close to making all time highs ( NIFTY is already at a all time high on closing basis — it's just the first week of the month). The index might face some resistance at current levels, which is a confluence of the Bear Resistance zone on the RSI and the declining bearish divergence trendline. If aggressive buyers manage to surpass this confluence, then price may shoot up aggressively. If sellers dominate at these levels along with some profit booking the price may retrace. As this is a long term chart a retracement on monthly would look like a bearish market on daily charts. This would be an interesting month for Indian markets.