Weekly R1 is at 5356 and Daily R2 is at 5372. Nifty has traveled far from 5135 without any retracement. So this will be good place for short opportunity. Asuming nifty touch 5355 (+220 pts) its Fibo. retrace levels will be around 5270 ( 38% ) . I will go long there for higher targets ( i.e. upto 5440) This 5250-75 area is pivot area for weekly(5246) & daily (5268) pivots. So going long in this area with SL of 20pts is good trade setup.
If Market opens between 5310-20 then Go Long and see if it is crossing 5335. If nifty is struggling around that area reverse the trade and Go Short no need to wait for 5360. Nifty needs to cross this 5335 level to negate any bearish possibility exists. Having crossed 80% Fibo of 5386-5135 it will give bulls confidence of 100+ points on upside.
Let's see where we open on 2nd April.
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