Every marathoner takes rest, recovers and recoups before running next leg and the same goes with markets. In fact, markets are good at following natural laws unlike humans who do not often know to follow natural laws.
NIFTY 500 is the overall index comprising the majority of Indian stocks and gives an excellent indication of the state of Indian economy much like the most followed index in the world, S & P 500 shows the health of US stocks.
NIFTY 500 is very close to hitting a major peak pre-elections and will go through some corrections till such time elections results come out. The correction will not be steep unlike Feb-Mar'20 downfall. In my opinion, NIFTY 50 (what is shown in the picture here is NIFTY 500 though and not NIFTY 50) will likely correct about 2300 points or so in a sideways market in the coming weeks.
Post election, there will be one last rally after which markets will go for a major correction ending the bull run, which commenced in Mar'20.
The dotted black line is what constitutes a Lakshman Rekha that market respected historically and will continue to respect. Even a post election rally will respect this line and will likely rally back to the black dotted line. Given Indian markets are overpriced in the intermediate run, it's highly unlikely to have the steam to cross that line in near future.