My view on this market, if you see the Friday session. They pushed the nifty to highest levels and then entered out of money puts at lower value and then drag nifty down to close below 4735 which is a resistance for further move above 4780. Monday could be interesting too, global market is cautious.. US has seen above average activity in short term Bonds, Junk bonds.. even after good numbers from IT majors they closed in red. China has already corrected a lot to be called as short term correction phase. Europe is showing some strength but nothing major has changed there too.
Rains in India might have came but what about the damage which has already been done to the crops? Steel major's (TATA) valuation are worst than expectations. We do not have major numbers coming... its just greed which is driving the market at the moment
I am cautious and buying 4500-4600 puts around 4750 level with a SL @ close above 4780
Disclaimer: This is just my personal view, feel free to disagree with me.