Overnight, markets have not been kind. The S&P has given up all its intraday gains to close lower. Asia is flat, while the SGX Nifty (at 7:11 AM) suggests a slightly lower start.
The intermediate trend remains up. This trend wil change to down if the Nifty were to close below 5937 - the previous intermediate low. The minor trend is down, but may have bottomed out yesterday when the Nifty went below Friday's low, and bounced back. It was a successful test of 6050 approx.
For Day Traders in the Nifty, the early morning view does not indicate any kind of trending day. Traders can use the Daily Pivot to determine the day's bias. For Tuesday, the DP is 6096. This number can be considered as the dividing line between bulls and bears for the day. A second method is to remain with the intermediate trend, which is up. Then, wait patiently for an intra day sell off. Watch your momentum indicators. When you get a buy after the sell-off, go ahead and take a long position.
It is wise to determine a strategy before the market opens.
What about the longer term?
The Trading Range that developed in the 5100 - 5400 area has now become significant support. So far the Nifty remains above this support band, we are in a bull market. Within this bull market, there will be sharp corrections, pullbacks and the dream rallies.