Nifty opened gap up and after sell off at 5045 level found support above 4980 levels and retraced back to close @ 5045 level.
1) The target of 5070-5110-5150 remains intact as long as Nifty trades above 5045 level.
2) Below 5045, Nifty will be weak intra day and no longs below this level. Below 5045, the levels of 4980-4950 could be likely tested.
3) After the weekend, the level of 5070 will be crucial once again on Monday morning. Happy weekend. Happy trading :)
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