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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 weakness from the new all time high of 15431 on Tuesday, Nifty slipped into follow-through decline on Wednesday and closed the day lower by 104 points. Nifty opened on a negative note made an attempt to move up in the mid part of the session. The attempt of upside bounce has failed and Nifty showed weakness amidst a high volatility in the after noon to later part of the session.

A reasonable negative candle was formed on Wednesday as per daily timeframe chart with minor upper and lower shadow. This pattern indicate downward correction in the market with volatility. The Nifty failing to show any upside recovery in the mid to later part of today's session could hint some more weakness in the coming session.

The minor positive chart pattern like higher highs and higher lows is in play on the daily chart. As long as Nifty sustains above 15000 levels, there is a possibility of an upside bounce from the lower levels by forming a new higher low of the sequence. The opening upside gap formed on 15th Feb has been filled completely at 15180 and Nifty placed above it. The recent upside bounce has occurred from the support of another opening upside gap of 8th Feb at 14977.

Though, Nifty declined by 105 points on Wednesday, the overall market breadth was resilient and the broad market indices like mid cap 100 and small cap 100 of NSE have closed slightly higher by 0.31% and 0.03% respectively. This could be a hopes for bulls to make a comeback from the lows.

Conclusion: The short term trend seems to have turned down and the near term uptrend status remains intact for the Nifty. The weakness of the last two sessions is expected to complete in the next 1-2 sessions. Important supports to be watched around 15000 and we expect market to show upside bounce from the lows. On the contrary side, a decisive move below this 15K mark could open more weakness in the short term.

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