NIFTY - BULLY REALITY SHAKE

Nifty bulls get their reality check after two weeks of January effect. The question that rings in many minds is this the beginning or is this the end. There are not clear answers at this stage. (Remember in long term no Index turns down, they posses survival bias). Bulls lost 18080 vital support and that is now the resistance and remains the trailing stop if still running shorts. Optically one move towards 17600-700 area is the maximum in this cycle bears can squeeze and wont be surprised if that is limited to 17800 instead. Note this is the expectation of the move in this phase and not the return to the upside at this stage. For the bulls they need close above 18180 for the bears they need close below 18080. 100 points is no man's land. For the day 17800-18000 should work bias soft. There is less incentive to have bigger positions at this stage.