Is it time to be cautious on NIFTY?

Updated
Some conflicting signals:

India VIX has been closing below 20(good sign), occasionally giving a spike scare then abating within the session.

Not much buying seen from FIIs/DIIs. In fact the FIIs sold 660Cr and DIIs bought only 112Cr. Yet market closed marginally in green. Is the market being kept afloat for a while?

The RSI divergence can be easily noticed on the charts.
The NIFTY Futures relative strength against NIFTY has been in a constant decline for four sessions.

Nifty is forming a Rounding bottom pattern, but the volumes have been on a continuous decline. (Ideally the volumes should expand while the price approaches the breakout point.)

The leading sectors (Metals, Pharma, IT) are not really moving (market breadth wise).
We are seeing a lot of failed breakouts. A hard penny environment. The NIFTY looks like a stronger index vis-a-vis S&P500 on Relative Strength. But are we really seeing strength in the broader market?

Note
Note: I'm not a SEBI registered advisor. Please use discretion and consult your financial advisor.
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