200 EMA is the last chance, expect more sell on every bounce.

The supports nearby for NIFTY are 16823, 16688 (200 days EMA) (Major Support) and below it will be 16410. If 16410 is broken it will be total bear grip. Nifty will take some time to recover and there is every possibility that it might fall to 15979 and 15511 levels. On the upper side the resistances that NIFTY might face from here are 16922 and 17119. Till Nifty closes firmly over 50 EMA after taking support and forming a bottom. The market will remain sell on bounce. What we saw earlier today in NASDAQ, DOW and SGX NIFTY was a dead cat bounce. It can be expected tomorrow or the day after in Nifty.