Nifty at its curial support of 16630, any fall would take the index to 16580-550. Also, Nifty has made double top and accordingly, likely to test 16380-50 levels soon so that double top pattern can be completed!!
Further, if cues are negative from Jackson Hole Event i.e., liquidity cut, we may see a good correction all over the world market. However, as the COVID cases are increasing in US, I believe the US Government will not cut the liquidity flowing in market and hence, its unlikely that Nifty will test lower levels and should fly above 16380-50.
PS: I am amateur in this huge investment world. Kindly check with your financial adviser before investing/ shorting/ longing the index.