Mid Week Nifty trying to form a bottom.

Very week close for NIFTY this afternoon. Nifty was not able to sustain 16400 levels Nifty ended the day at 16249. Market is slowly going right into the hand of bears. Unless there is some very positive news it looks like market will stay range bound or negative. Unless it has formed a bottom which looks likely near 16100-16130 range.

Important Resistance levels will be: 16424, 16639 and 16847.

Important Support Levels: 16130, 15994 and 15671.