according to elliot wave theory, Nifty complete its motive wave 12345.now nifty is in corrective wave ABC. So here we see in upcoming day nifty will go down 200 to 300 point. Here we see a strong trend line which is act as big support for nifty. So nifty touches the trend line in upcoming few day.......so market sentiment is bearish in upcoming days.
Note - If nifty give upward move and breakout the resistance level 17440 then market sentiment is bullish so for long postion wait till breakout the resistance level.