There may be more downside from here than technical analysis might show...

1) Trump has said ceasefire will be stopped if Hamas doesn't return Israeli hostages by end of this Saturday. My personal prediction is Israel is going to do it's best to clear Gaza completely off Palestinians and annex it to itself with US support within the next 2 years before Trump has to fight midterm elections. There might be all out war this year in that area. 2) Indian markets as well as the markets we export steel to (ME, Europe, SEA) may get flooded by cheaper Chinese steel if they are hit by US Tariffs 3) RBI may be forced to RAISE interest rates to defend the rupee from accelerated depreciation if US does not drop their rates and dollar keeps strengthening. If the RBI sells dollars to save the rupee, it will have to take rupee out of Indian markets which will reduce liquidity even more than right now. If it chooses not to do this, it will have to raise interest rates after having cut for the first time in years this month.