Here is a technical chart of Nifty with Ichimoku Kinko Hyo indicator.
In the last session, Nifty closed at 4934 (-1.9%). Infact, it's in downtrend. After crossing kijun-sen line at 5064, it took support near kumo line, viz. @4914.70. This level is VERY important. If nifty breaks this level, it will fall much from here as Chikou Span (CS) is already below kumo. It can fall to 4886 and then to around 4700 levels. Do not take any long position here till Nifty manages to close above kumo.