Barring the second half of March 12, the market had a unidirectional move throughout the previous week. After the gap-up, there was no major action in indices as they kept moving within a small range, maintaining their positive posture.

Real action was in individual themes that were missing on March 12. With March 12 move, 15,200–15,400 has become a sturdy wall for the Nifty and it would be a daunting task to surpass this in the absence of any major trigger on the global as well as domestic front.

On the other hand, the key support is placed at 14,925–14,850. A sustainable violation of these supports would lead to an extended correction and in that case, we may see the Nifty sliding to 14,700 or may even test recent swing low of 14,467.

If we observe the hourly chart, a breakdown from the rising wedge pattern is visible, which does not bode well for the bulls. All eyes would be on the global peers as they play a vital role in dictating the near-term direction for the Indian market.