As said though globle cues were week day before yesterday nifty had respected the support of 4830 and bounce from the low and closed near the high of the day. Nifty had formed hammer in the daily charts which indicates reversal for shorttrem and buying is advice with the stoploss of 4830 closing or trailing from here for the tgt above 5000 +++ though the short term trend in down but this viewed can be terminated if nifty is able to close above 5080 levels and again the market shall become buy on dips above 5080 till the trend is down and as daily charts are highly oversold an upmove ahead of expiry cannot be rulled out expecting gap up opening to 4950 – 4960 levels on Monday
Also if we look at weekly charts it is just holding the trendline and if close 4830 on weekly bases will make marked more bearish also monthly charts shall be sell on rise if monthly close is below 4740 levels which can make further fall only below 4740 so we are near the monthly low so to buy with this stoploss shall be profitable and not shorting at this levels.
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