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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 small range movement on Friday at the swing high of 17947, the Nifty continued its consolidation movement on Monday and closed the day on a flat note amidst a range movement. After opening on an upside gap of 79 points, Nifty made an attempt to move up soon after the opening. Intraday profit booking triggered from a day's high of 17943 levels and the minor upside recovery was seen in the mid to later part from a day's low. The overall trend for the day was choppy.

Another small negative candle was formed on the daily chart with minor upper and lower shadow. Technically this pattern indicate a consolidation movement in the market for the last two sessions post sharp upmove of Thursday. This market action signal a lack of sharp selling participation in the market at the new highs.

Nifty on the intraday timeframe like 60 min signal a range bound action with minor weak bias in the last two sessions. Minor intraday higher highs and lows pattern is observed and intraday support of 10 and 20 period moving average has been respected around 17815-17860 levels. This is positive indication for bulls to make a comeback.

The negative divergence pattern in Nifty/RSI as per daily timeframe is still not confirmed and the broad market indices like midcap and small cap segments of NSE exchange have sustained with minor positive note on Monday despite negative divergence and bearish candle formation in previous session as per daily timeframe charts.

Conclusion: The short term trend of Nifty continues to be range bound. This consolidation movement could continue for the next 1-2 sessions before showing upside breakout of the range movement. A decisive move above 17950 is likely to open the next upside of 18200 levels in the near term. Important lower support is placed at 17650.

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