Scenario One: If Nifty forms a bottom here at 4820

26th and 27 th ..It would be a range bound session with a maximum bounce back up to
4950 levels and attempt 5000-5050 maximum on the upside till 28 th of September.
So the maximum Range on the upside is capped at 5000 - 5050 levels with selling expected to resume from those levels.

Scenario Two : Nifty breaks Friday's low of 4820.

It would first retest 4750-4700 levels on 26-27 of September and if it bounce backs from those levels 4800-4850 seem to be a major resistance.A free fall is expected below 4800 levels and Nifty should rest at 4600 before any bounce .
Conclusion:In a downward trend like this it is better to know the upside cap and be with the majority population. So as per the time cycle analysis Nifty's range for the week would be 5000-5050 on the upside. It is advisable to square off all the short positions close to 4750 levels and resume shorts only below 4700