After a prolonged discussions and number of posts market finally reacted from the said resistance/first positional targets. Though it was the 5350 levels we saw on the chart, but it reacted from 5344, but it was really marginal. In the last trading session it also broke the 5280 level, thus initialing a 5 wave down move on the 5 minute chart. Now the reversal signals for long-mid term are yet to come, we need to book our created shorts (as discussed on previous posts) around crucial positional support levels.
Supports: 5260/55 will work as first crucial support zone. As mentioned, there is an 5 wave decline can be seen on the 5 minutes chart, a break below 5255 can bring 5230-5215 in no time. Below that the decline and can get more deeper towards the main support zone @ 5180-5160.
Resistances: 5285 is certainly the most crucial from intra day perspective. Above that Nifty can witness some recovery towards 5310-5330 and decide further price action.
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