Points to Ponder.

 

• Weekly chart, looks to be showing symptom of completion of the Pullback of the Rising Wedge( see Market Next Week)
• On daily chart, the closest support is at 5182, which was the earlier resistance.
• The immediate support after 5182 is at 4993 after which it is only at 4800-4750.
• At present NIFTY is still in the Volatility Band, I had shown earlier. Only after it breaches 5182 and continues further, it is confirmed to be below.