Gudi Padwa, Chaitra Navratri 2024: Is the Stock Market Open For Trading On April 9?

April 9th is an auspicious day for the majority of citizens as it marks the occasion of Gudi Padwa and the commencement of Chaitra Navratri. On these two festivals, will the stock market be open for trading or will it be closed? Notably, in the previous session, both Sensex and Nifty extended their gains to hit fresh peak zones.

As per the holiday list of 2024 on BSE and NSE, there is no stock market holiday on April 9th. Hence, trading in equity, equity derivative, SLB, and currency derivative segments will be open for investors.

BSE and NSE whose headquarters are in Mumbai, Maharashtra majorly celebrates Gudi Padwa festival.

Gudi Padwa is a spring festval which is celebrated on he onset of lunisolar new year for Hindus but majorly celebrated in Maharashtra, Goa and Daman. The first day of the Chaitra Navratri is Gudi Padwa, also said as the first day of bright phase of the moon.

Meanwhile, celebrated after spring harvest, Chaitra Navratri is a nine-day long festival and it begins from April 9 to April 17th in 2024. It is a nationwide festival where devotees pray to goddess Durga.

Trading Guide, April 9:

Ajit Mishra, SVP - Technical Research, Religare Broking said, "Nifty has finally ended a week-long consolidation phase and the banking index has also finally made a new record high however the momentum is still missing. Amid all positivity, mixed global cues may continue to result in intermediate dips and traders should utilize the same for adding quality names."

While Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty Spot Index to find support and resistance at 22,500 and 22,800 on April 9, and that of Bank Nifty's support and resistance is seen around 48,200 and 49,000 respectively.

Koothupalakkal has recommended 3 stocks to buy on April 9th. They are:

- BUY WEST COAST PAPER cmp 640.95 Stop Loss 628 Target 667

- BUY BDL cmp 1766 Stop Loss 1733 Target 1835

- BUY LT FOODS cmp 209.90 Stop Loss 205 Target 222

Giving technical view, Rupak De, Senior Technical Analyst, LKP Securities said, "Nifty maintained its strength by staying above 22500 throughout the day. Additionally, it exceeded the previous all-time high of 22619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22500, below which the index might fall back into consolidation."

Further, on Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The Bank Nifty exhibited indecision in the market with the formation of a doji candle on the daily chart, indicating a standoff between buyers and sellers at current levels. However, the overall sentiment remains bullish, contingent upon the index maintaining support above 48,000, where substantial open interest in put options exists. To sustain the upward trajectory, the index must decisively breach the 48,700 mark, paving the way for further gains towards the 49,500 to 50,000 range."

In the previous session, the Indian stock market touched new all-time highs with with key indices soaring to unprecedented levels. The Bombay Stock Exchange (BSE) witnessed a surge as BSE-listed companies collectively achieved a market capitalization of Rs 400 lakh crore for the first time. This milestone underscores the robustness of the Indian economy despite ongoing global uncertainties.

On April 8, Sensex, India's benchmark index, skyrocketed to a record high of 74,869 points, marking a significant leap. Likewise, the Nifty also witnessed a remarkable climb, touching 22,697 points, while the Nifty Bank surged to 48,717 points.

Vinod Nair, Head of Research, Geojit Financial Services said, "The buoyancy in sentiment continued, led by sectorial tailwinds and Q4 earnings growth expectations. The up-move was largely broad-based, with outperformance by auto, reality, oil & gas, and consumer discretionary, while IT was tepid owing to insipid Q4 growth expectations due to a slowdown in spending. On the global front, after the release of robust US job data, investors are awaiting the release of US CPI data, ECB policy, and UK GDP data this week."