Yeah, this is just anchoring bias at play. When someone sells their portfolio at a certain level (like Nifty 18k), their brain gets stuck on that number. No matter what the market does, they keep using that as a reference.
If the market goes up, they feel like they sold too early and wait for a dip. If it goes down, they feel like a genius and double down on being bearish. Either way, their view is kinda stuck in the past instead of adapting to what’s actually happening. Happens to a lot of traders.