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

After showing a smart intraday upside recovery from the lows on Monday, Nifty shifted into a consolidation with weak bias on Tuesday and closed the day lower by 19 points. Nifty opened on a positive note, made an attempt to move up in the early part of the session. It later shifted into a minor weakness amidst a range movement for the better part and closed the day in the red. A small negative candle was formed on Tuesday with minor upper and lower shadow. Technically, this pattern could signal range bound movement in the market.

Nifty not showing any sharp decline today, post two days of sharp weakness could be a slight positive indication. Any sustainable upmove from here is expected to confirm reversal pattern and that could probably open upside bounce from here or from the lows.

Tuesday's small range movement could signal a repetition of recent upside bounce of early part of the March. Hence, one may expect upside recovery in the market from here or from slightly lower levels in the next few sessions.

The medium term trend of Nifty is still positive and the last 14-15 sessions movement is within a larger range of 15400-14500 levels. This broader range movement is likely to be intact  until the rise up to 15400 or decline down to 14500 levels in the near term.

Conclusion: The short term trend of Nifty is choppy and the market is struggling to sustain the intraday gains. One may expect similar sideways movement with lower levels recovery for the next session. The overall chart pattern of intraday-60 min/daily timeframe signal a chances of an upside bounce from here or from the lows in the short term. Immediate resistance is placed at 15050.

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