Nifty seems to have completed its corrective phase, the "CT"..

Nifty continues into the corner of "CT"..

Contracting triangle would have each fall reducing in magnitude.
5630 to 5171=459 points
5499 to 5136=363 points(79% of 459)
5379 minus (79% of 363=287)=5092-Mth JNSAR.
Falling below month's JNSAR should ring in the first alarm bells though "exceeding the earlier fall would mean (5379-363=5016) breach of 5015.
"5077" a critical low made during the 4531 to 5630 may be considered as a major trigger for downsides.

Nifty tilting towards the initially assumed "Contracting Triangle"

Contracting triangle which was initially considered gets a relook with recent price behaviour below 50sma.
Contracting triangle would have each fall reducing in magnitude.
5630 to 5171=459 points
5499 to 5136=363 points(79% of 459)
5379 minus (79% of 363=287)=5092-Mth JNSAR.
Falling below month's JNSAR should ring in the first alarm bells though "exceeding the earlier fall would mean (5379-363=5016) breach of 5015.
"5077" a critical low made during the 4531 to 5630 may be considered as a major trigger for downsides.

Nifty completes a contracting triangle ahead of settlement week.

When you see your "Planned numbers", act. Other tools such as intraday charts, Hour TA parameters come as confirmatory tools. If you have an expectation, then you become prejudiced which does not mean you don't make any trading plans. You make it based on the available facts and follow it till the price unfolds within your workings.
Having an alternative plan works but give weightage to the one that has credible evidences. "Fire's" contracting triangle observation made it possible to plan and TT positioning also helped(Sell on rises above DHEma).

Nifty PreMarket View.

Nifty has been trading in this contracting triangle with 5200 as its base and a declining resistances from 5400,5342 & 5295. One could draw two resistance lines which would come around 5285 or 5310. "5285" seem to be more relevant and may be kept as a S&R.
"5235" may act as a pivot as it did in last settlement and staying above that Nifty may attempt 5255(day ema) & 5278+(Day high ema). Target for the breakdown would be 5200-(5400-5200) = 5000.
Bullish: Considering the fact that the correction has been , so far, in time only and the oscillators which indicate the status of the correction are nearing "Oversold" levels, one could argue for going long around 5225-5245 with a SL 5195 and this need price follow up confirmation of a move past 5285 & 5315..
Bearish:First leg of the correction was from 5400 to 5160 and the counter rally stopped @ 5342. The next leg of the down move on with its first down over @ 5202 and a bounce is on and if this is restricted to 5285 to 5315, next big down move should unfold by Wednesday or Thursday. Weekly TA too is in downtrend. Lower Highs have been forming - 5400, 5342 , 5295.

A simple observation of Dollar index chart suggests of an impending correction towards 80.0 or lower provided 81.75 is breached. Early indication could be a break of 82.20.This down move may complete the correction and the next upmove may unfold.
However, if it crosses its recent highs, it will be presumed that the correction is already over and it is in its major 3rd wave(or "C" wave.
As $ index has an inverse relationship to equities, watching the same for a couple of days would give us a clue to the short term direction....81.75(82.20) or 82.90.