New Delhi, Sept. 17 -- The Nifty 50 formed a small green-bodied candle on Wednesday with shadows on both sides, indicating indecision among market participants. Although the index ended the session with gains, the broader market remained under pressure as market breadth stayed negative and mid-cap and small-cap segments underperformed.

The index failed to close above the 23.6% retracement level of the previous day's decline and continued to form a lower low, keeping the short-term structure weak. As expected, the Nifty moved back inside the Bollinger Bands after the sharp fall, but it continues to trade below all key short-term moving averages, indicating that recovery attempts are yet to gain strength.

The 14-period daily RSI remains i...