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Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities

In Indian benchmark equity indices broke the 3-day winning streak, after a higher opening on March 12. Nifty opened gap up in line with other Asian markets but soon started to fall. After making a bottom at 1420 Hrs, it showed a feeble bounce. At close, the Nifty was down 143.80 points or 0.95% at 15,031. For the week, the Nifty ended up 0.62%.

Volumes on the NSE were slightly below recent averages. Among sectors, Banks and IT ended in the positive, while Realty, Auto and Media lost the most. Broader market indices fell less. BSE Midcap index fell 0.4 percent, while Smallcap index ended flat.

Global shares were flat on Friday but within sight of a record high, while oil edged lower as benchmark debt yields climbed, helping to curb the latest stimulus-driven rally. Rising bond yields dragged European stocks lower on Friday, although major bourses were set for weekly gains as stimulus and vaccination programmes prompted hopes of a solid economic recovery.

The U.K. economy shrank by 2.9% in January from the previous month, a less severe contraction than expected as the country re-entered nationwide lockdown.  The yield on the benchmark U.S. 10-year Treasury note rose again on Friday morning in the aftermath of the stimulus passage, briefly hitting 1.6%. This dented risk appetite across the global equities.

Nifty after showing promise early morning, succumbed to profit taking and ended with a bearish Engulfing Top formation on daily charts on March 12. Advance decline ratio ended deep in the negative suggesting broad selloff in small and midcap stocks. 14862 is a crucial support on falls for the Nifty while 15336-15432 is the resistance band. A fall below 14862 could result in sharper and broader sell-off.

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