Nifty's correction continues..

Nifty has closed below 5-DMA & Day High Ema but above 5-Ema. Correction continues.
Critical level to watch out for would be 5090 & 5150.

A 100 point trading range of 5062 to 5162 & spending better part above 5110.

All the emas have come up and unless Nifty manages to climb higher, the rising averages will press it down. 13DMA/Ema provided support last time @ 5060 and have climbed to 5080. A close above high ema only can bring momentum.Until then it is only trading ranges.

Finally the "Dollar Index" updated @ 5.10PM showing a 2nd wave correction. As long as it stays above 75.45 & reverses up, bears will rejoice. After the 3rd wave, this index has gyrated in a range for 2 days which should explain the choppy moves.Once this range of 75.40 to 76.40 is resolved, then some direction to equities..!! The Link is there under "Live markets"..Keep an eye on it.