Hi friends, nifty has retraced to 38.2% of fibonacci levels as u can see in the chart.
for any further upmove, nifty has to cross 5075, which is going to be a strong resistence henceforth.
with the gap down, nifty could go close to 5000 levels.
shorting is advised only if 4993 breaks, else nifty will be a buy on this dip, above 5020 nifty can hit 5070 again.
