It seems a breakout of the Ascending Triangle in Nifty as desribed in my earlier post.
Now we have to just make a point of view of Being Bullish and look for only long trade until any significant movement downside. Break of the full E leg may take market more towards downside.
We can make our self long, by Buying a Long Future of Nifty April Series and Buy a same Put of April Series. Restrict the downside and enjoy the upside.
Note: This is my personal view and for educational purpose. We need to put our own brain and take a trade.