Benchmark indices started today's session at fresh record highs only to end on a negative note, breaking their four-day gaining streak. Markets wiped off early gains and BSE Sensex lost 59.36 points or -0.18 per cent to end at 33,777.38 today. The Nifty50 settled the day almost near the day's low point at 10,444.20, down 19.00 points or -0.18 per cent.
On expected lines, the benchmark Nifty50 did attempt to inch higher and test the 10,490-mark, but it also faced stiff resistance at those levels. The index after a marginal high saw corrective pressure in the second half of the session. Heavy selling on select bluechip counters in financials, energy and FMCG segments and weak global cues dragged the market late in the day. Prime Minister Narendra Modi's electoral victories in key states continued to lend support to the markets, but focus has now shifted to the Budget and macros.
The Nifty50 hit an all-time high level right at the opening today but faced strong resistance thereafter and retreated into the red at the close. It formed a 'Bearish Belt Hold' candle on the daily chart. The index is approaching it immediate support at 10,430 level. A violation of this level would lead to more profit booking and take it towards the 10,380 and 10,360 levels. On the upside, the immediate resistance is placed at 10,470 and 10,500 levels.