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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 choppy movement in the last couple of sessions, Nifty finally slipped into a steep fall on Wednesday and closed the day lower by 189 points. After opening on a slightly positive note, Nifty started to show gradual weakness since opening. Intraday pullbacks of in between have short lived and they are sold into rises. The Nifty closed near the low.

A long negative candle was formed, that closed below the recent swing low of 14745 levels. The market is now nearing a lower range of last 14-15 trading sessions at 14500 levels. This could be negative indication and a move below 14450 could open a sharp weakness in the near term.

Nifty is now sliding down to another key support of ascending trend line on the daily chart (connecting the swing lows of 24th Sept and 30th Oct) around 14650 levels and a move below this area could open broader weakness for the market ahead.

On the weekly chart, the important support of 10 week EMA is intact around 14580-14550 levels. The Nifty has sustained above this moving average support for many months with minor whipsaws. Hence some more weakness down to this lower support area could be expected in the near term.

Conclusion: The short term trend remains weak and the market is nearing important cluster support around 14500-14450 levels, as per daily/weekly timeframe charts. There is a possibility of an upside bounce from this cluster support in the next few sessions. The strength of the market during upside bounce could be important to hold on a support and show sustainable bounce. Immediate resistance is placed at 14850.

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