Nifty is finding resistance in the 17300-17350 zone and the one day it opened above 17400 it could not sustain and fell rapidly back to below 17300 levels.
The reason for this could be it is 61.8% retracement level of LH formed on 17351 (18 Jan) and LL of 15671 (8 Mar). Obviously this doesn't mean that NIfty could go down substantially from here. It could possibly make an U-turn and go upwards as well.
My view would be that Nifty could be forming a possible consolidation here before it resumes its further upmove but we have to prepare for every possibility.
In my opinion, any close above 17350 would signal a bullish move. Also any close below ~17000 (also where 200 DMA is present) would signal a very big downturn. Watch out for these levels.