Price is in a short term uptrend as per median lines drawn with higher highs and higher lows and above 50 sma in hourly chart.The pullbacks on tuesday and thursday did not cross the previous day's 50 % range , so I'm still positive about the uptrend.
Today's low has just touched theGreen Main median line.Supports are expected at the 5050-5030 range ( previous swing tops / resistance ) which would also be considered as a pullback to the Long term Red Median line.Next higher targets are at 5180 zone where there could be some range bound consolidation and then a final surge towards towards the 5300 zone.
If 5050-5030 zone fails to give support and goes below 5000 then we'll have to go with the opinion that a short term high at 5135 zone has set and look for pullbacks to short the nifty.Confirmed trend reversal will be when price crosses 4925 on the downside.
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