Nifty - what next ?

The one week of trading has shown nifty shooting down from 4292 to 3719 rather rapidly. And from the lows the pullback of .236 level and even .382 level ...... all three came today splendidly with the nifty in a rather bashed up position or oversold position. The close of 3938 even did show that the .382 level was respected and nifty did a little resting here. The next levels to go are 4006 and if market is weak will stall here and start slipping again with speed. Else on a healthy mood this level and beyond will take the market easily to 4074 levels which is .618 pullback. The move is 140 odd points and can do it in a hurry as the fall had been in the past few days. This level is a little consolidation point which should propell nifty up or down. If this is sustained we still can go up to 4170. Why are we looking at this level? Perhaps, the big fellas know we all are chart watchers and just work on major key levels. The minor levels are less significant and need not even be kept in mind. So where can the big fella turn ? At some point when things start to tumble upwards and most are least thinking of the down. What actually is the game plan is beyond comprehension.

Post the Dow Jones trading time we get to see that the American markets almost hit a 500. Does this add to our sentiments ? To some extent yes, as the last few days nifty here has been going not in perfect sync with the American market. But in all likelihood, our markets should go gung-ho and at some time should see some profit taking later or in the end to culminate with a trading holiday on the 2nd.Taking a slightly larger time frame chart we see that right now critical levels for nifty are 4065 and 4173.