Bounce for Sell or Buy?

Last week Nifty obeyed the support of 4530. A hard run bounce there after, but not able to close above 4850. The question prevailing now is, still bears alive or can we take a bull ride? For short term investors the dip happened on Tuesday was certainly an opportunity to buy. OK, what's left out for this week ahead?

Just see the chart :

I had now taken Fibbo levels from 5168 to 4530. If we consider this as a correction level, then we are now half way mark which is at 4850. So trader should be careful at that level. So one or two days close above that mark will induce a real bull run, if manages to cross 4930 then simply we can say, higher high's are waiting for us.


Nifty Spot levels for this week:

4669 - 4732 - 4776 - 4850 - 4930 - 5016