Very Simple explanation to what happened today.

Nifty found resistance at 50 days EMA which was at 17285 as it made a peak of 17275.65 and found support at 200 days EMA 16840 and Nifty formed todays low or todays bottom near 17824. Nifty ending above 200 days EMA was a good sign and we can see a good bounce back tomorrow by NIFTY. The resistances will be near 16958, 17032, 17285. IF 200 EMA is broken there will be more trouble and supports in this case will be near 16759, 16558 and 16436 in very unlikely circumstances. As of now it seems that Nifty might be see moving towards Momma Support of 50 EMA. It may even attempt or try to cross it this week itself once again.