Nifty is still in oversold zone, hence a sharp bounce can not be ruled out. Still I would prefer to wait for confirmation, of MACD crossover and ADX down. Till now ADX is in strong trending mode as it is above 25.
US has recovered very smartly, this may give strength to Nifty Bulls.
There might be chances of gap down opening at around 4788
My advise is to go long in the area 4760 to 4770 for a target of 4920 to 4940
Stoploss would be 4750, re-entry chance would be at 4720