Market is already below 20 day exponential moving average (EMA) & breaching 50 day EMA, i.e. 4990-5000 level.
And if you see the trend lines from July & March lows, both of them are indicating 4900 & 4880 levels.
Where as 100 day exponential moving is supporting at 4800 level, which I doubt market is going to touch in short term as there is no major negative news. But in January there is possibility of RBI intervention in interest rate policy due inflation pressure. And also there stochastic is in oversold zone.
So short term traders, I think should in PUT side or SHORT nifty.
Where as medium & long term investors should wait for right opportunity (around 4850-4900 level) & start acquiring some good stocks.