Nifty unable to retrace the fall of the last leg from 4352(Monday) to 4142(Tuesday) and breaking of the slow retracement channel today @ 4290 indicates weakness.
Below 4220-4200, the fall will accelerate towards the 50 DMA @ 4050.
Alternatively, if 4200-4220 is held and rallies up with the help of world mkts, it needs to move past 4267(Pivot) initially, then 4310.
Breaking of these levels will be decisive. Technically Nifty is weak with hourly reversing from the "OB" levels at 1.00PM. Staying below short term daily averages and breaking of the daily channel for the second time are pointing to weakness.
As the settlement ended weak, week also could end closer to the lows @ 4142.