Greece official has announced a referendum on latest bailout package on Monday evening. European markets suffered from the news and tumbled around 7% last night. Wall Street also sank around 3% on Tuesday’s session. Asian markets are trading below from previous close. Nifty has closed near day’s low on 5260 on Tuesday. Nifty has strong support near 5200 level. Strong short positions have developed on 5200 and 5100 strike rate put in Nifty option on previous session that marks Nifty may remain above 5150 and 5200 level on Wednesday. Nifty may open near 5200 level today, short covering may occur after Europe’s sign. Nifty may buy if it sustains 5200 level after Europe’s opening.