A morning walk down Dalal Street | Market may face sharp selling pressure if Nifty breaks 11,564

Sensex and Nifty gave up gains to close below their crucial psychological supports levels on the F&O expiry day of April series.

The S&P BSE Sensex gave up 39000 while Nifty50 closed below 11700, and 11650 levels on the expiry day. 

The final tally on D-Street – the S&P BSE Sensex was down 323 points to 38,730 while the Nifty50 closed at 11,641, down 84 points.

Volatility was largely on account of monthly expiry in F&O for the April series, mixed earnings, election outcomes in May, rise in bond yield, fall in rupee as well as crude oil which is trading near 2019 highs. 

The Nifty closed lower on Friday, but ended higher by 0.61 percent in April series. The new series is likely to remain volatile and bulls would only be able to regain control if Nifty breaks past 11,856 levels on closing basis.