Nifty PreMarket View.

At 8.15AM:I have edited the "Recommendation Table" from sell to S&R @ 5360. Will review it when near 5425-5430.
Any correction has distinctive 3 waves labelled as "abc" except for triangle correction which has 5 overlapping waves labelled as "abcde". The chart below shows a development of "a" & "b" and a move below 5380 will result in a breakdown and a move below 5361 the confirmation of the 3rd wave-"c'. If not, "b" wave can continue upto 5425-5430.(75% retracement)
As the "a" wave had 5 sub waves as only in "zigzag", the 'c" wave tend to get equality and hence a likely target of 5409 - 92 = 5317.
Alternatively, it could become a larger impulsive correction which only time will tell.
How do you read this table for trading purposes..? You must do so with the chart above whenever there is a chart available.
Table shows a clear Uptrend in both Day & Week time frame as Nifty has closes above their 5 period Ema (Shown with a green). Use ORB for confirmation of intraday Trades on such days when a reversal is expected.
There is a pivot, the central point of market move for the day. As we expect a "down day" sell below 5386 or 5384(VAL-Value Low) and it should start trading below 5380(5-DEma) and the next point of break is 5361 -the earlier important pivot low("a" wave)/ Support-1. Break of 5361 may lead to Support-2-5338- also the high of this settlement's early day's High & many up waves-ivth waves and finally 5320-5325-20sma.
If there are any +ve results/ Asian +ve, the immediate resistances to keep in mind above yesterday's close(5386) are 5393(POC-Power of control); 5403-(VAH-Value High) and 5410-Resistance-1 as well as yesterday's high.
Bank Nifty has not yet shown weakness - watch it as it could spook the trading plan. But if it weakens, the plan will go through.
"Break of 5361" confirms the short term reversal & a move past 5435-the continuation of upmove.