It looks like Nifty is forming a IVHS pattern on 15/30 min TF. The neckline of IVHS is around 17480-17500 levels which will be a strong resistance. RSI is showing divergence in 30 min TF which might indicate an upmove. 17200-17250 is the next strong support for Nifty which is very close to the CMP and hence, a short trade might not be a good option. However, US market and tomorrow morning's opening will be a key deciding factor on trend for next week.
This is my personal opinion on Nifty just for educational purpose and kindly trade as per your own analysis.
Trade active
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Wow, gap up opening at 17450. This was completely unexpected.
Trade closed: target reached
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IVHS Breakout of neckline is done. WE can expect a bullish move now. 17600 is an immediate resistance where we can see a retracement.