Nifty indeed experienced some profit booking exactly @ 5165 (high made 5168). Though the current downward movement on the downside can not be considered anything else rather than a mere correction. In stead of a stiff upper head hurdle Nifty will be having cluster of support on the downside to be bought in.
Supports: 5092 Holds the key, But a failure to sustain above 5115 can bring lower levels, which would be a result of corrective on larger time frame for Nifty. Below that 5074/68 and 5028-5115 are both very crucial. A good deep crack below 5115 can bring a scenario for positional short.
Resistances: 5112/15 will be point of interest. Above that 5152 will be crucial for challenging the highs once again. A cross above 5165/73 can bring 5218/30-5284 as discussed earlier.
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