Nifty bounced from the 5020 level discussed in the blog, making 5026 low for the day. trend is clearly down and currently witnessing the correction on the upside. The current down move is intact up to 5170/75, even 5200-25 is the headroom on the upside as the correction (4th wave). So till now it's range bound in between 5120-5010/20 zone before the move getting extended.
Supports: 5080 and 5065/60 are crucial for the this smaller up move to hold on. Below which today's low can well be revisited and below 5010, 4970-4950 possible where it can try a bigger bounce back.
Resistances: 5118/20 as said is still the main hurdle, above which 5170/75 is crucial and very likely a end zone for the 4th wave. 5200-5225 is the place, violation of which can nullify the down trend.
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