Nifty update with chart

Nifty spot support level on daily chart is at 4893 ie 21 ema and 4908 is the 38.2 % retracement level.
This is the first immediate level to watch for on closing basis.

4783 is very crucial level , since 61.8% ( death zone) and the crucial support line( Nifty never closed below this level, once crossed over) is also at this level.

So, Positional short should be initiated only on close below of 4780 level or on rise once again near 5100 with closing stop loss 5172.

Now on panic one can buy Nifty around 4910 & 4846 levels with stop loss 4780 for a target 5050.