Nifty on friday corrected significantly intraday and bulls were then able to push it towards the end to reach almost 4950 levels.
4950 has been mentioned as the level of consolidation and the expected momentum is likely to get established and push the markets further up in the short term.
Any break and close above 5050 on the upside will be the indicator of a strong up move and till that point in time, Nifty could also hover around 4865 - 5050 levels.
A break and close below 4845 will bring in bearishness which is unlikely to happen in the short term.
Resistance levels : 5007, 5023, 5050
Support levels : 4924, 4896, 4865
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