NIFTY looking weak

NIFTY has given a weak close below 17075 levels today. 16800-17000 looks to be a good support on the downside. Overall trend is very negative as can be seen from the slope of all moving averages. 16800 has been tested 3 times already in the last month. So if this support is broken with volume, 16400 looks probable. Although less probable, NIFTY could also move up from here towards 17270-17350 levels.

DISCLAIMER: I am not a SEBI registered investment advisor. All views are personal and for educational purpose. Please do not trade on basis of these views.