It was said "5035-5005 remains the main support to initiate longs" on my last post, and it recorded a low of 5040.1. Now things are critically poised as long as 5085 are not taken out convincingly. Some correction can set in that failure of 5085 violation.
Though Nifty is comfortably maintaining clear uptrend, a failure to cross 5085/90 now can bring some correction. My personal take is intra move will be slow after a speedy first hour, there are clusters of support levels to maintain the upward momentum.
Supports: as shown the chart 5035-5004/05 holds the immediate key for Nifty. Below that it can witness some more pressure to take towards 4985-4935/45 zone. 4935/45 to decide the next move for nifty for coming 3-4 sessions.
Resistances: 5080 from micro level analysis, but on a whole above 5085 it can regain it's momentum towards 5130-5160/67 levels, 5th wave tgts for this move from 4908.
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