Nifty seems to just do breakout and retest from the downtrend since the previous 18600 top. We did a 78.2% retracement of the recent rally(trend channel). Risk-Reward is in favor of longs here! However, the we need a close above 17600 for confirmation.
@Saltan, downtrend. we didn't break support though. Now 17650-17720 is resistance above which we will be breaking out and starting afresh uptrend. 17300 Zone support now. CMP 17576