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

The sharp upside bounce of previous three sessions come to a halt on Thursday, as Nifty witnessed selling pressure amidst a volatility and closed the day lower by 164 points. Nifty opened on a sharp downside gap of 224 points, slipped into further weakness after the opening. It later showed intraday upside recovery from the lows in the mid part, but witnessed intraday selling again from the highs towards the end. The opening downside gap has almost been filled (left with small margin).

A small positive candle was formed with upper shadow, which indicate a consolidation pattern in the market with weak bias. This market action could signal an attempt of false upside breakout of the key overhead resistance of 15065 and 15175 (previous gaps and lower swing high) on Wednesday. Hence, one may expect Nifty to consolidate further and later make further attempts to challenge 15200 levels.

The negation of lower top status of daily (swing high of 25th Feb) and also filling of both the gaps (down and upside gaps of 25th and 26th Feb) on Wednesday could indicate a possibility of upside bounce from the lower levels. Hence, the lower area of 15065-14900 is likely to act as a key supports for the short term. The overall market breadth was positive despite benchmark showing weakness by around 1%.

Nifty on the Intraday timeframe like 60 mins chart has sustained above 20 period EMA at 15050 and the decline of Thursday has not confirmed any negative reversal pattern. The Nifty on the larger timeframe like weekly is above 10 period EMA at 14450.

Conclusion: The short term uptrend status remains intact and the display of positive market breadth of Thursday signal that the market is not willing to give up easily. We expect market to sustain the support of 15000-14900 levels, before showing upside bounce again. Immediate resistance is placed at 15200 levels.

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