If Nifty sustains below 4840, then it could test 4770.
Instead, if Nifty trades above 4840, then it could test 4880 and above that level it could test 4950.
Short term Technical View of Nifty
For the short term, the level 4950 is crucial. If it sustains below this level, then it is likely to test 4400. Instead, if it trades above 4950, then it is likely to test 5050.

