Nifty may fall to 4500 level

The Nifty maintained its support of 4580 and closed at 4593 indicating that it could go down to the 4500 level in the near future. the september futures closed at a discount to spot and built an open interest of .6 million shares hinting at fresh sell-offs by bear operators. the upside for the index is around 4650 with a with a major support likely at 4500.