As we can see NIFTY got rejected from important level of 16800-16900 which previously acted as a strong support which now is acting as an important RESISTANCE and now we can see nifty heading towards important support after getting rejected. As nifty just brokeout of an inverted head and shoulders pattern and there is a possible chance that the neckline of this inverted head and shoulders pattern could act as an important support which is around 16400 and hence any buying pressure seen around these levels, we can make new buying positions accordingly