Nifty can Test 5320-5350 if it Breaches 5125 with Volumes

Spot Nifty is firm above 4946 (14-day simple moving average). On Monday, it tested an intra-day low of 4964, but closed above 5000 and is looking strong.
The Nifty put-call ratio is also above the 1.20 level, which gives a lower-level support for the Nifty. This also indicates that traders are holding adequately hedged long positions in the futures and options (F&O) market, which is a good sign and may not be visible in normal market conditions. Going forward, the market may remain in a tight range and it may consolidate between 4910 and 5125.
A break above or below these two levels will set the future course of the market. If Nifty can penetrate above 5125 with volumes, then it can easily test 5320-5350 (50 DSMA).