Nifty Pre-Market View.

Nifty has been "consolidating" & breaking down for quite some time now.
One more break down is likely today after the consolidation of Tuesday.
"5583" is a crucial support number closeby.
And there are few crucial numbers in reckoning today being EOW & EOM.
"5642"-MLEma
"5687"-WLEma........or the developing one if new lows are made.
Price structure in "Hour chart" has been converging as in a "Falling wedge" which is ST bullish if 5583 holds, prices bounce back to move past 21 hr sma/ channel resistance.
This does not, in any way, alter the higher T/F bearishness. That would require a close above WEma/ MEma. Until then, sell on rises remain in force.

Nifty, finding a ST bottom @ 2-week's lows, broke above "Falling wedge" @ 5653.

Nifty Pre-Market View.

Nifty's correction seems to have ended at MEma with
a move above 21 Hr sma; DLEma & 5 DSma after
positive divergences in the hour charts as well as the break-out of Falling wedge.
More confirmation needed in its follow up action today to scale and hold
5DEma;  J10SAR; JNSAR & DHEma.
There will be corrective pull backs for the segments of the upmove as well as for the entire upmove. Watching the market correcting within the normal retracement levels gives you confidence that the market is treading the normal path, not deviating from the reversal.
First resistances would be at previous lows @ 5258-66-73.(Coincides with DHEma-WHEma)
5267-5300 is the Gap zone clearing which more upsides while failure would cause doubts and breaking 61.8% of the upmove at any point should caution the bulls & embolden the bears.

Nifty's corrective fall is moving towards the channel support.

This corrective downmove has managed to stay within the confines of the "Falling wedge"(ED) from 5349. Break out point is: Last minor peak @ 5212.
Break down point is: 5175-70 for 5135.