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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 sustainable upside bounce on Thursday, Nifty witnessed sharp fall on Monday and closed the day lower by 229 points amidst a recovery from the lows. Nifty opened on a negative note, witnessed steep intraday sell off in the early part of the session. A sustainable upside recovery has emerged from a day's low of 14459 and Nifty finally closed the day by erasing some of intraday loss.

A long negative candle was formed on Monday on the daily chart with lower shadow. This indicate a sharp profit booking from the highs-resistance and the emergence of buying from the lower supports. The crucial overhead resistance of around 14880 has proved to be a tough task for the market as of now (resistance as per change in polarity), we observe that the market not able to sustain above this hurdle for the second occasions recently, despite closing at the edge of it.

Nifty as per intraday timeframe like 60 mins has formed a promising upside reversal pattern on Monday afternoon and showed upside bounce from the lows. Currently, this upside bounce has been facing stiff resistance around 14680 levels and a decisive move above this area could pull market to retest the crucial upper resistance of around 14880 levels again in the coming sessions.

The Monday's sharp weakness has not changed the sentiment as per daily chart, as we observe weakness from the highs and buying at the support. The long lower shadow on the daily candle signal chances of Nifty moving up again to retest the key overhead resistance of 14900 levels again in the next few sessions. A sustainable move only above 14900 could open more upside for the near term.

Conclusion: The short term trend of Nifty remains range bound around 14900-14400 levels. The pattern of selling at resistance and buying at support continued in the market. Present daily and intraday chart setup signal chances of yet another upside bounce towards 14900 levels again in the short term, before showing another round of weakness from the highs. Intraday resistance is now placed at 14700.

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