Domestic equity market ended on a negative note today, the day of expiry of December series derivatives. BSE Sensex lost 63.78 points or -0.19 per cent at 33,848.03 today while the Nifty50 closed the day at 10,477.90, down 12.85 points or -0.12 per cent. Out of 50 stocks in the Nifty50 index, only 18 closed in the green, while 32 closed in the red today.
The Indian equity market saw rollovers and expiry infused volatility and ended the day with a marginal loss. The benchmark Nifty50 pared all of its gains in the last 45-minutes of trade and ended near the low point on lingering concerns over government borrowing exceeding target. The more important fact, which is technically important, is that the Nifty has once again slipped below the 10,490-mark, and the earlier breakout attempt has subsequently failed because of lack of confirmation.
The Nifty50 index formed a Spinning Top candle today, after it formed a Bearish Engulfing pattern in the previous session. It witnessed a choppy start, but great volatility was seen in the last hour of trade. The index remained rangebound through the session, before the index settled bellow the technically significant 10,490 level. It has been consolidating between 10,450 and 10,552 levels for last four sessions. Now, it has to hold above 10,450 to extend its move towards 10,550 and then 10,600 levels, while on the downside, major support is seen at 10,400 level.