Since you said back in May "The direction of IFN is probably as goog a tell as any for the health of the world markets" and called the recent top at $59.60, I'd be grateful to hear your thinking short term. I know you predict a retrace to the low $40's, but what does recent action tell you? Are IFN and INP putting in double tops, or do they want to break through?
In my ta, that recent big down day is a signal. The Professional shorts will hit it on a low volume rise to re-test the highs. That's exactly what the index has done if you benchmark the volume. Consequently, I'd look to go short IFN with a stop .50 above $59.60/share. I'd target $50.75, 49.54(1:1 ABC down) and $46.75/share (chart support) as my targets to the downside.
You may want to wait for the tag of $59.60 and a close below though because I'm expecting a rally in U.S. Markets next week. That will probably help push India higher.