As mentioned earlier that the Nifty resistance levels is at 4975. Nifty tried to cross that levels but could not sustain there and slided down again. High was 4986.55, Close was 4950. In the recent fall the carnage was very severe, so the pull back wont be so fast. If the Nifty closes above 200DMA also, there can be another chance of testing the low again in the near future.
Best strategy buy at lower levels or sell at higher levels and then cut the positions. Keep your delivery positions very light.
Every time when the markets open with the downward or upward gap there are chances of coming at the same point to fill the gap.
Nifty support at 4780-4673...
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