Nifty Pre-Market View.

NIfty returned to the 5174-85 resistances for the second time yesterday. The last one produced a fall to 5042 from 5190 (148 pts). A lesser fall would make it "consolidate" to gather strength to push through it during the "settlement week".
Bullish Green: "a or i" could be a leading diagonal fm 5042 to 5141 and "b or ii" done at 5094 yesterday and "c.1" done from 5094 to 5170.
Accordingly the correction in "c.2" should limit itself to 5122/5100. Anything beyond it, would "reject" this scenario.
Bearish red: Larger "B" from 5190 could continue in its complex way. In such a case, stuck in the range of 4995 to 5175/90. "B.a" from 5190 to 5042; "B.b" from 5042 to 5170. "B.c" may be in progress towards 5010-25 or 4985-4995. Beyond this, this too gets rejected.
Very Bearish: Only below 5010 or 4995 may be considered. 5-waves done from 4770 to 5190 with an "ending diagonal in its 5th wave".
The next "1st" wave down done from 5190 to 5042;
2nd wave done from 5042 to 5170;
3rd wave may have commenced from 5170.
Having options such as these and the retracement points for each, would prepare you to initiate trades at critical junctures with very "low risk-high reward" such as the one made yesterday.
Even for the most bearish scenario, there would be a bounce off a negative opening.

Keep the "SAR" for conservative Trade @ 5095 for the opening session 

and raise it higher for the later part of the day.