Nifty- big momentum, short covering rally coming?

Nifty made a bullish engulfing candle yesterday and followed it up with a big green candle today closing above the resistance comfortably--sustaining a big gap up opening. Tomorrow another gap up opening is likely looking at sgx nifty at this time. FII and DII together bought for 2827cr driving the market higher. PCR at 1.27 contra indicates a correction. CPR is narrow at 66pts so with 17986 as a strong support, Nifty could go towards 18500. ViX at 17.9 is in comfortable range for long term investments. What do you think?