Nifty has taken rejection at the top and seems to be forming a potential Head and Shoulders pattern, which is a bearish pattern. But this pattern will only be validated if price breaks the important support zone of 16800-17000 levels . On the other hand, if the price climbs back up and breaks the resistance zone of 18350-18500 , we might see a strong bull market. Wait and watch would be the word, in my opinion.
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Nifty is well on its way to break the 18500 level. If it does and is able to sustain above it for a week, the H&S might be invalidated and chances of a new bull run get much higher!