I believe Nifty is in major channel band with strong resitance now placed at 4800 firmly. However second picture is more bear's friendly and may move accordingly if Greece election fails and RBI did not cut rate as per wide expectation.
Nifty is in making of Diamond formation this may be consider as a pause in downtrend. There is one more possibility of spending some more time in downside as diamond is not equilateral. Gap between last two lows 4720 and 4531 was of 5 months and between 4531 and 4770 is of 6 months. Hence time wise also bulls has upper hand. Still my advise is wait and watch.