The Nifty50 settled 93.20 points, or 0.88 per cent, down to close at 10,452.30 today, more than one-month low. Nifty had earlier closed at 10,443 on January 3, 2018. Out of total 50 stocks in the Nifty pack, only nine remained up, while 41 fell. The BSE Sensex settled 286.71 points, or 0.84 per cent, down at 34,010.76 today.
The benchmark indices ended weak today amid absence of major domestic and global cues. The Sensex and Nifty opened firm, with Nifty testing 10,600 levels. Both indices, however, trimmed gains as trade progressed. Losses were seen in frontline bank stocks such as SBI and YES Bank. Most Asian indices were shut today due to Lunar New Year holidays.
The Nifty50 index opened in the positive on Friday, but again failed to hold above the 10,600 level and fell sharply towards the 10,434 mark. In the process, it formed a Bearish Engulfing Candle on the daily chart. The Nifty50 has been facing a hurdle at its 50-day EMA for last eight sessions, and it stares at further weakness in the coming week. Any fall below the 10,480 level could intensify selling in Nifty50 that can take it towards 10,333 and then 10,276 levels, while on the upside, the immediate hurdle is seen at 10,550 and then 10,600 levels.