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Nifty to continue down trend, may see little upside

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NSE:NIFTY   Nifty 50 Index
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Nifty has been trading in down trend and has been under pressure for since bank notes ban. Nifty last week closed in green showing signs of some strength upside. Now where nifty will head?, it seems nifty has little a upside space, as there is bearish channel resistance which is nifty approaching also fibo 38% level which might not seem to break. Nifty may have upside movement up to 8170 as channel resistance and traders may wait and watch breakout at this level. if it breaks this level then nifty my go further upside on the other hand it may reverse touching the resistance to its support somewhere between 7915 in near term.

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