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Below is the Technical Quote On Today`s Market Performance by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The uptrend continued in the market for the third consecutive sessions on Wednesday and the Nifty closed the day higher by 142 points. After opening on a positive note, the market slipped into intraday decline soon after the opening and filled the upside gap completely. A sustainable upside bounce has occurred in the market during early to mid part of the session and shifted later into a range move in the mid to later part of the session.

A new all time high was formed at 14868 and Nifty showed volatility near all time highs. A small positive candle was formed  with upper and long lower shadow. Technically, this pattern could mean a high wave type candle at the new highs. Normally, this action signal confusion state of mind among participants at the highs. But, the optimism created after a sharp upside bounce could indicate less possibility of any major bearish implication of this pattern, as per daily timeframe chart.

The new all time high formation at 14868 on Wednesday has resulted in a faster retracement of the last down swing. Recently, the market has consumed 6 trading sessions to complete its down leg, which started from the high of 14753 -21st Jan.

The sharp upmove of the last three sessions has retraced this down leg in three sessions compared to 6 sessions of decline. The previous broken support (trend line and moving averages) has been regained and that subsequently resulted in a false downside breakout. This action could be a positive for the market and one may expect further upside in the near term. However, the placement of long term resistance by the way of cluster trend lines could offer temporary resistance for the market around 14800 levels.

Conclusion: The short term trend of Nifty continues to be positive. Having placed at the resistance zone of around 14800 levels, there is a possibility of volatility or minor profit booking from the highs of 14800-14900 levels in the short term, but eventually this hurdle is going to be taken out on the upside. Immediate support is placed at 14750.

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