Will Markets Break the Range?

As I had said in my earlier post http://niftywhatcanhappen.blogspot.com/2008/04/players-want-indices-to-stay-range.html The Nifty could not break 4800 and gave the opportunity to sell 4800 calls while hedging was done with 5000 call. But now one thing has changed in the global scenario, General Electric (the most conservative company while giving earnings guidance) results declared on Friday were a big disappointment, they could not even achieve what they had predicted and what had seen said was always in the pocket. Now most of the Asian markets reacted by breaking down by 2-4% on Monday, since our very own market was closed on Monday we were left out. So as I had said in my post that every fall towards 4620 is supported by the optimism that most markets are trading at there monthly highs, now that optimism might be broken down because some have posted biggest falls in a month. Since most Emerging markets Indices have broken down now the best case scenario would be too think 4800 or lower to be April F&O (24th April 2008) closing on the spot Nifty and act accordingly so 5000 put could be bought will 4800 put could be sold.