Amid the European market's indication nifty has closed at 4772 on Tuesday. While nifty had opened at around 4836 and was trading near these levels but after reading the European markets, Nifty has tumbled and made an intraday low at 4849. Nifty has breached its support 4760 but closed above this level. Nifty 5000 strike rate call has been short sold by the traders on Tuesday, but 4700 strike rate call has the maximum position. These data indicate that nifty may take a little bounce from 4700 levels. In a dramatic move, U.S. markets closed up to 1.5% high last night. while the Asian markets' trading mix to lower in early morning. Singapore nifty is trading 3 points up from previous close. Nifty future had added only 10 lac share in open interest. Traders were not comfortable to open new shorts at these levels. New shorts may come below the 4700 level.IF Nifty trade higher side after opening the European markets. Then nifty may touch 4825 levels again. Short covering is advised and avoid to open new short on these levels.