Nifty not being able to break 4950

Nifty is not being able to break 4950 which acted as a key support earlier.

If Nifty goes above 5000 there will some serious short covering and we can see 5200-5300 very soon

If Nifty closes below 4800 there is huge downside possible.

Between 4800 and 4950 it is rangebound and can be dull for a few days. But then the best moves come after dull periods like this.