Nifty Premarket View.

This correction from 5453 has a logical minimum target @ 5317(S2). However, markets aren't perfect...only the forms are important.
"40 day old channel - broken in 1min & Hour but intact in Day" which gives room for one more upmove possibility and this has a deciding level @ 5445(R2 of today).
If the 'c" wave has to unfold in 5 waves, then after a gap up opening @ 5380-pivot (c.iv), a pull back will happen to a new low(c.v) or a truncation(@ Low ema).Hence, immediate downside is limited to 5345(S1).
The chart below shows the leading indicator which has been turning up at a higher point than the previous one during this upmove and this time it is poised at one such higher point for a reversal.
This following scenario has been discussed on the Anniversary day here. To have this in contention 5365 should hold and should move past 5415.
"Shorts" are created yesterday but the crucial "5357-5361" has not been breached decisively yet but an indication has emerged. Staying above the "Day Low ema @ 5356", Nifty has possibilities for another upmove and short term too has that possibility even if there is a dip - direction to be up after an initial choppiness. Repeat yesterday's action: Take an aggressive long & then convert it to conservative if closes above 5-ema.
Trade safely.

I will be busy through the day but will update the tech. table.