As explained in older posts nifty gave a small pull back on tuesday and on wednesday as mentioned below 4720 it was a bloodbath in nifty.Is it magic ??No,it is the power of charts..Nifty is in falling  channel, and as long as it is below 4720 it is bearish.The solid support of 4720 now becomes a solid resistance for nifty.One can go long only on nifty closing above 4728 with stop loss of 4720(nifty spot).
TRADE WITH THE TREND BECOZ TREND IS YOUR FRIEND.
HAPPY TRADING.