Nifty's near term view.

Markets spread is likely to come down as the bulk of the selling has been done for the series and that does not mean "buying" will emerge.
Every intra rallies will meet with selling pressure.
Buying should emerge only below 4800-4780 and selling @ 4860-4880-4920.
Once this series & the selling pressure eases while holding above 4750, a relief rally into the next series is likely to emerge which should offer an opportunity to create "Shorts" only after allowing for at least a time correction for this steep fall.
Markets, on the contrary, may decide to continue falling without much of a bounce too. As weekly set up has changed decisively down, no support will hold for long time and multiple resistances are being created as we head down.
You can see some stocks update in "Stockwealth".

So on every rise, Write "FAT" calls of NOV. SERIES.
4900 call closed @ 122; 4800 @173; 4700@ 228. This premium may increase incase of a relief rally. Write them whenever Nifty moves above 4880, 4920 & 4950.