Nifty Pre-Market View.

I think it's much more interesting to live "not knowing" than to have answers which might be wrong. --Richard P. Feynman.
Don't need to be "Nostradamus of financial market", just follow the prices and they have been oscillating within a narrowing trendlines this entire series.
A 5-wave fall unfolded from the resistance zone of 6105-6115(6112) to the channel support @ 6040(6042).(A golden ratio retreat.)
With a close below most HEmas, it becomes a sell on rises.
Considering the larger trend being intact, one would initiate longs closer to the channel support or above 21/34 Hr smas and trade the bounce(only if you get appropriate entries) and hold them only if closes above HEmas because there is a possibility of "rising wedge(ED)" continuing as well as the "Bullish impulsive upmove" continuing after the "running correction @ 6008", holding above 6029.(80%).
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RECAP:
There are two "converging trendlines" in the "Price chart".
Prices are right at the midpoint.
High reward low risk entries would be closer to these trendlines.
Upper trendline would be around 6135 & the lower around 6030(80%)
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And the market provided with a "low risk-High reward" entry @ 6105-6115 as well as another
likely "low risk-High reward" entry closer to the channel bottom @ 6048(Golden ratio).