The top chart is the daily Indian ETF chart, while the bottom is the weekly chart. Both charts show the market hitting resistance in the mid 57 area. Anytime a market hits resistance this regularly, we need to ask why, which is almost always answered by the fundamentals.
The Indian economy is experiencing fairly serious structural problems. On one hand, inflation is high bringing with it all the associated problems. At the same time, growth is slowing, leaving the central bank in a rather unenviable position.