I like to draw lines and then make some inferences I am not good at Elliot count and any other advance indicators. So here is my idea about the Nifty using such lines.
Looking at the lines on the all time Nifty we can say there is Big bull run started in the mid of 2003 which had 2 minor landing on the black trendline and 1 major correction landing on the green trendline.
Now that the major correction got completed in 2009 end the next phase of the Big bull run have started and it is expected to have 2~3 minor corrections which will land on the black line. Current correction is the first of the lot and this will take Nifty to 5050~5100 level as can be seen on the 3yr chart below.
By above I expect that Nifty below 5000 is highly unlikely and if it do go below 5000 my all stops would have hit and I will be in 100% cash