Nifty is forming Flag Pattern, any exit of channel lower line we have strong support around 16800 only. Incase if this is compromised and closes below 16800 we can expect further down fall and probably 16000 will be tested in couple of weeks time.
We have Daily Time frame - 100 SMA and 200 EMA Support at this level 16800. If this holds we can see up move else, 16000 will be tested