FOLLOW UP RANGEBOUND (CONSOLIDATING) NIFTY FIFTY

On Sunday 2nd Oct mentioned that nifty is consolidating between 4720-5230. Observe the chart below yesterday it made low of  4728.3, today right now it is trading at 4770.75. 

Will it hold 4720 today also? I f it holds and also closes above 4758.85, low made on 29/9/11 possibility of bounce back (up move) increases.

Right now it looks like today it will form inside day, if it happens and time permits may write about inside day.

By the way according to our trading system today we booked profit in short (sell) position initiated on 30/9/11.Booked profit at 4801.95 (profit of 143 points). We just booked profit (exited sell position), not initiated reverse trade as of now. Our system not yet initiated buy (long) signal.