The green falling wedge and positive divergence will bounce price strongly off that 21-ish up towards the top rail at 23-ish. The MACD line is agreeable to a bit more weakness. The ADX is showing that the down move is a strong trend. Thus, the red channel should remain in play a bit longer, at the least price can fill the gap at 19 at some point and travel sideways across 19-25. The pink H&S is in play where price faiiled the neck line at 25-ish, head is at 37-ish, so that targets 13-ish, where two gaps exist. Perhaps that will be the 2012 story.
The 20 week is under the 50 week MA which is very bearish. Interestingly, India also serves as a proxy for gold since they consume one-third of the worlds yearly production. For the nearer term, price is agreeable to bouncing and exploring the top rail of that red channel at 23-ish, then down again to perhaps taget that 19 gap as price stays within the red channel. Chart can be reassessed when price reaches 18-19 in the weeks and months ahead.
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