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

After the formation of bullish candlestick pattern on Friday, Nifty witnessed smart upside recovery on Monday amidst a range bound action and closed the day lower by 7 points. Nifty opened on a slight negative note, slipped into further weakness in the early to mid part of the session. Sharp intraday buying has emerged from the day's low of 14597 in the afternoon and Nifty finally closed near the highs.

A small candle was formed with long lower shadow. This pattern indicate a buy on dips opportunity in the market with range bound action. The formation of bullish piercing candlestick pattern of Friday and a smart upside recovery of Monday could signal possibility of more upside in the market.

Conclusion: The Nifty bouncing back from a gap support 2nd Feb and a false downside violation of trend line support as per daily timeframe chart and a false downside breakout of weekly 10 period EMA at 14400-14600 levels of last week could signal a possibility of an upside bounce in the market. A sustainable move above the immediate resistance of 14800 levels is expected to pull Nifty towards the next hurdle of around 15050-15200 levels in the near term. Immediate support is placed at 14600.

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