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In this paper, channel estimation for multiuser massive MIMO system is addressed for the scenario, where the number of scatterers is small compared to the base station antennas and single antenna users in the cell. If the number of scatterers is limited, then the corresponding angle of arrivals are finite. Moreover, if all the users share the same angle of arrivals, then the correlation among the channel vector increases. Thus, the high-dimensional channel is approximated to the low-rank matrix. This rank minimization problem is formulated as the weighted nuclear norm problem and is estimated using iterative weighted singular value thresholding (IWSVT) algorithm. To increase the convergence rate, fast IWSVT algorithm is proposed and the performance is measured based on mean square error and uplink and downlink achievable sum-rate. The simulation study shows that the proposed weighted nuclear norm minimization method with fast IWSVT algorithm performs better than the conventional least square and the nuclear norm minimization method for various finite scatterers in different signal-to-noise ratio levels. [ABSTRACT FROM AUTHOR]