Nifty is over sold and Friday FII's bought Nifty Futures for Rs 600 Cr.
We can take nifty long with SL blow 4650 for the TGT of 4811, 4850,  4905, 5050. Please always move the stop loss to the cost or with 10 min chart. Dont wait for 5050 in single move.

Last week nifty touched our both the targets : http://rbsinvestment.blogspot.com/2011/08/if-we-can-trade-above-4932-for-10-15.html