While forming a strong bullish candle on the daily chart, Nifty today formed a morning star pattern, which is a bullish reversal sign, on the weekly scale. Now it has to hold above 17,250 zone to extend the momentum towards 17,442 then 17,550 zone while on the downside supports shift higher at 17250 then 17171 marks, said Chandan Taparia of Motilal Oswal.India VIX was down by 5.10% from 13.63 to 12.93 levels. Volatility has fallen from its highs and is now at the lowest levels of the last three weeks which is giving some comfort to the bulls.Option data suggests a broader trading range in between 16,900 to 17,700 zones while an immediate trading range in between 17100 to 17550 zones.Nifty as per weekly chart formed a long bull candle, which indicates a sharp reversal in the market on upside. After declining continuously for the last three months a doji type candle pattern was formed as per monthly time frame chart. This is a positive signal as per long term charts.Price and momentum indicators are suggesting further upside.What should traders do? Here’s what analysts said:Nagaraj Shetti, Technical Research Analyst, HDFC SecuritiesThe short term trend of Nifty has turned up sharply. Having moved above the hurdle and the overall positive chart pattern indicates next upside for Nifty around 17,800 levels in the next couple of weeks. Immediate support is at 17,250 levels.Jatin Gedia, Technical Research Analyst, Sharekhan by BNP ParibasThe index is likely to test the zone of 17,480 – 17,500 where resistance in the form of the 200-day moving average and the upper end of the falling channel is placed. During April, Nifty is likely to witness a rebound with IT, energy, metals, capital goods and PSU banks leading from the front.Ajit Mishra, VP – Technical Research, Religare BrokingNifty has finally ended a two-week long consolidation phase (16,800-17,200) and it might take a breather around 17,400 before marching towards 17,600 levels. Amid all positivity, participants shouldn’t go overboard and maintain their focus on stock selection.Rupak De, Senior Technical Analyst at LKP SecuritiesOn the daily chart, the index has moved above the recent consolidation, suggesting a rise in optimism. The momentum oscillator RSI has entered a bullish crossover. The trend is likely to remain strong as long as it remains above 17200. On the higher end, the next important level is 17,500–17,600, where bears will be waiting.Amol Athawale, Deputy Vice President – Technical Analyst, Kotak SecuritiesFor traders, 20-day SMA or 17200 would act as a sacrosanct support zone, and above the same the index could rally till the 200-day SMA or 17,450 -17,550. However, below the 20-day SMA, uptrend would be vulnerable. Meanwhile, in the Bank Nifty, positive sentiment is likely to continue in the near future and 40,200 could be the key support level. Above which, it could rally till the 50-day SMA or 40,800. Any further upside could lift the Bank Nifty till 41,250.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)