Nifty is now going to get support at the line which is parallel to the previous line above it. Above all market is now oversold now, bounce back from this level is most likely.
Nifty is now below the fibonacci retracement of 61.8%. According to the pinochhio lines it is likely to take support at 4800. As the RSI and stochastics are now oversold, it is very near to take support from 4800 level.
