The Nifty remains in a downtrend - this much is obvious. For the position trader, there is only one trade - look to hold on to short positions or sell on rallies. For the swing trader, the Nifty is providing some sense of receiving support around 4750. If this support holds, an upswing is possible. The first sign of support will come if nifty trades above today's high. This can be possible only on Friday, since. tomorrow is a holiday.
Any move below 4750 will be considered as a continuation of the downmove, therefore, should be sold into.