Benchmark indices closed the last session of the truncated week ended November 22 on a negative note. Indices declined for three consecutive days until Thursday ahead of the expiry of November futures and options contracts.
The Nifty 50 lost around 250 points from its recent swing high of 10,774 to move near 10,500. The index shed 73.20 points to close at 10,526.80 and the 30-share BSE Sensex ended below 35,000, down 218.78 points at 34,981.02 despite a sharp appreciation in the rupee and the fall in crude oil prices.
The rupee gained 219 paise against the US dollar in last seven consecutive sessions while crude oil prices plunged 27 percent since October 3, 2018, to trade around $63 a barrel.
All sectoral indices closed in the red on Thursday with Nifty Bank falling a percent and metal declining 1.77 percent. The broader indices also traded in line with frontliners with the Nifty Midcap index falling 0.91 percent.
The index is expected to be volatile in the coming week ahead of the expiry of November F&O contracts due next Thursday, experts said, adding the 10,500 could be crucial levels for bulls.
According to Pivot charts, the key support level is placed at 10,479.47, followed by 10,434.43. If the index starts moving upwards, key resistance levels to watch out are 10,607.87 and then 10,691.23.
The Nifty Bank index closed at 25,999.45, down 262.60 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 25,881.04, followed by 25,762.87. On the upside, key resistance levels are placed at 26,220.64, followed by 26,442.07.