Nifty continues downtrending with intra rallies..(OS)

Nifty gapped up @ 4553.6(Weekly Pivot-4557) and fell to 4430 and bounced intra to 4509(Daily Pivot) and fell to 4399(4380-4420-two swing lows).
There will be higher time cycle pressure on the index in the coming days. Watch the 5DMA(Blue) trending down in the daily chart below and notice the earlier move down from 4693 to 3920. Sell closer to 5dma and book profit as it moves away from the avg. Weekly channel bottom is @ 4225.
The last support left in the table is 4346(Week Low ema).

Trending down with "Oversold" readings in Hour Technicals..but no +ve div..

If it is a running correction, more severe fall may be expected. If it pauses and bounces from 4350-4380 zone, use the rally upto 4510-4550 to initiate "Shorts"..