Trends

5100-5150 is strong support range and for breaking down this range complete selling formations are required at higher levels and this range is not going to break down easily. I am telling continuously that 5250-5290 is strong resistance range also therefore for breaking out this range complete consolidation is required.
Nifty traded and consolidated last week within 5220-5260 but Short term correction started in many Global markets therefore almost all the Asian markets closed in Red yesterday. Deep Red trading European markets and more than 55 points down Dow's futures also triggered Indian markets down move and Indian markets closed at the lowest of the day little above 5200 yesterday. weak Global cues were the main reasons for down moves yesterday.
Last week intraday charts are not showing selling formations. Fresh selling requires in the coming sessions for Nifty sustaining below 5200. All trends are up and yesterday down move was only the result of weak global cues and only due to dampened sentiments Nifty broken down support range of 5215-5230. Nifty intraday chart of yesterday is showing consolidation formations therefore expected that Nifty will finally sustain above 5230 and rally will remain continued to cross 5300 in the coming sessions.
For up trend confirmations 5230 should be watched today and Nifty sustaining above it will give confirmation to Nifty testing of last resistance range of 5250-5290. Expected that Nifty will finally cross it and sustain above 5300. As Dow's futures was trading more than 55 points down yesterday therefore Indian markets opening will depend on the cues of global markets but expected that Nifty will finally sustain above 5230 and rally in Indian markets will remain continued.
Intraday long positions can be initiated if Nifty sustains above 5230 and fresh shorting positions only after confirmed distribution patterns.