On all time charts (weekly, daily, hourly etc) it clearly seems that index has lost it's direction, hence now we have to follow global sentiments which definitely shows weakness. Downside targets are specified in the chart itself which can be considered.
As per the Daily chart of Nifty 50 looks bullish. next target could be in the range from 17500 - 17525. Since tomorrow is weekly expiry day it is advisable to don't stay long beyond this level as harmonic 0.618 level is also coming here.
Nifty is now going to form reverse head &shoulder pattern. May keep an eye to break 17250. The next target could be 17400.