Nifty can bounce back?

Yes, my levels are although being hit like a bulls eye, though my judgment of an early bounce back was negated on tuesday 3rd june'08. The level of 4670 got hit on that day itself and Nifty closed at 4707, then today a big correction happened and brought nifty to a low of 4550.
There are three factors right now governing our markets at present, one is the Oil factor, second is the Left Party which is hitting the government from the back, and blackmailing for removing the support to the government if oil price is hiked...although oil price hike is now confirmed,which could be a big relief to our so called NAVRATNA PSU oil companies. Third factor is DOW JONES, which can bring an indirect rally in our markets if some rally comes in Dow jones, and these Dow Jones is moving according to Oil.
Currently Dow Jones is 80 points up as i type, if Dow Jones closes with a good margin up, then we should see a relief rally tomorrow itself. I still maintain that 4950-5000 level can be touched this month.
Overall a rangebound market will be there.

5000 or 4670 which will touch earlier?

We could be heading to a dangerous zone now, with a crucial support at 4820 which if broken and nifty closes below it then worst could hit our mkt and a correction to 4670 is quite possible. A little ray of hope is on the basis of weekly charts,which show that Nifty may touch 5000-5020 before heading downwards, so all in all this month will also be a choppy month and only trend followers will be able to make money in intraday following some strict rules,otherwise be ready for getting wiped out in this risky market!