Nifty Futures Outlook

For the last 2 days, Nifty Futures took support above the very short term declining resistance line of 4480 (see the deep black line). Now where do we head for? You can see that last 2-3 days including today, we have made a Doji on the charts.....The last Doji had long upper shadow after northward rally which meant slowing of momentum and possible reversal......But today, it made a Hammer after the initial fall, which meant that buyers came back into action on hitting the support and ultimately they closed well above day's opening......Now with a bit of global support and crude weakening (which is the current status), we should move towards 4650 (see the deep red inclining resistance).......If that happens we can move all the way to 4800 (the next declining and final short term resistance line) before the next collapse......To my mind 4800 will be difficult to breach in this pullback rally......26% pullback should be more than sufficient......My advise would be to go short in steps.....first at 4650, next at 4700 and finally at 4800 (if nifty is costly, then short mini nifty).....But do remember to carry the shorts if you intend to trade long in specific stocks.......

[This is my 2nd post today......See below 'The Intelligent Investor']