Domestic equity benchmarks -- Sensex and Nifty -- closed in the red on May 11 despite a positive trend in other Asian markets.
The Sensex closed the day with a loss of 81 points, or 0.26 percent, at 31,561.22 and the Nifty settled 12 points, or 0.13 percent, lower at 9,239.20.
Analysts believe the market will continue to remain volatile in the near term, reacting to the spread of novel coronavirus, or COVID-19, newsflow regarding development of its vaccine and government's measures on stimulus and restarting the economy.
"Technically, we maintain our negative to rangebound stance. We expect the Nifty to fall towards 9,000, then 8,800, in coming days. On the upside, immediate resistance is placed at 9,400 and then 9,550-9,600,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.