NIFTY - CALM OR STROM?

Nifty - the fall sharper, deeper, wider and close near the end. 16800 is too important a level for the bulls on close basis. Will the market respect that and show some relief? The broader markets across have wilted and unless they rise in synchronization, doubt on stand alone basis the rise can sustain. Thus the clues from else where remains important. On stand alone basis some bargain hunting can be expected, but the bigger damaged is inflicted already. For the bulls, the fall a healthy correction and we are closer to the end is the interesting point, for the bears is it the beginning of longer move down towards15000 plus is the question?. The probability of any event remains 50/50 at this stage. Close below 16600 (daily), weekly close below 16800 to the bears. Optically one can say bears at advantage. For the day 16750-17030 range should work. Bulls get relief only on close above 17100 (remember this was the support before).