NIFTY analysis for 31 May

The SGX is 40 odd points down, so expect a gap down opening.
The US markets did not give a great closing, (rallied in the session but closed around previous day's close.)
India VIX is below 18, meaning the fear of a big crash has abated.

Bullish Scenario: The market may gap down,
test yesterday's low (15390), and move higher or stay range bound through the day.

Bearish Scenario: The market opens gap down,
tests the 15435 level or yesterday's high 15470,
and comes crashing down to 15335 level and takes support.