can expect range bound trades or some selling pressure

After yesteray's short covering rally ...we can expect range bound trades or some selling pressure today in our market.... possible support 4805 spot ....upside resistance 4932 ..have a nice day
You can see  open interest reduced by 5 84 700  in Nifty on up move ..not a healthy sign ..

Mon-28/11/2011

4750.0

4874.8

4750.0

4870.3

362,243

21,332,600

-584,700

243515.0

4851.3

and remember that if market moved up due to short covering only it will have to stay there only for some time or it must correct to the lower level....
Today's possible levels     4805  4932  5029

Nifty hourly chart is indicating that momentum was reduced in last hour ..