NIFTY - CALM OR CONFUSION?

Nifty hit the lowest of the expected fall almost towards 17500. The close in the last half hour was quick and one needs to see how this pans out. The cues are mixed mostly a negative tone than positive tone. However, the bargain hunting buying would surface on Friday lows and the should provide some relief. Bulls need close above 17750 for relief and above 17880 for confidence. Bears wont mind this small rally as long as they hold fort below the 17980 hurdle. Near term over sold zone might induce some rally, but suspect ability to hold gains. Sectoral indices show some support many loosing the resistance. For the day 17480-17780 range should work.