Support for Nifty might be round the corner. (Weekly Outlook)It was a bad week for NIFTY all hopes of recovery vanished as NIFTY could not sustain above 200 EMA after failing to sustain above 50 days EMA last week. NIFTY is trapped in a downward parallel channel currently having broken even the mid channel support levels from where NIFTY can turn upwards now are at.
Important Support Levels for NIFTY will be: 16340, 16135 (key support), 16009 and finally 15500 (Channel bottom).
Important Resistance levels for NIFTY will be: 16484, 16616, 16858 and 17072.
