The authors report the observation of large magnetoresistance in Ni50Mn34In16 alloy. This alloy undergoes an austenite-martensite phase transformation which can be strongly affected by the applied magnetic field. This latter effect produces very large magnetoresistance at relatively high temperatures (e.g., 250K). Signature of field induced shape memory effect is also observed in the magnetoresistance results. Above 225K, the field induced shape memory effect is found to be affected by the path traversed in the H-T phase space to reach the target temperature.