To put it into context first it is likely we are in the 4th wave of a multi decade sequence. This means that the flow for wave 4 is going to retrace towards 23.6% of the impulsive wave 3.
Very simply from the technical side, 9516 - 8128 are both in play with the global slowdown. Here expecting Indian Equities to remain under pressure.
it cannot go in the territory of wave 1.
don't fall for the B wave, happy trading :P