Stock Market Closed On November 19 Or November 20; Will Sensex, Nifty Rise Or Fall On Tuesday?

Sensex, Nifty: Indian stock market will be closed one day extra this week apart from its weekend holidays. Hence, trading on BSE and NSE will be closed for three days from November 18 to November 24th. The next holiday is nearing, is it on November 19 or November 20? And if market is opened on Tuesday, then will Sensex and Nifty continue to fall or a U-turn awaits? Let's find out!

Sensex erased its 77,000 mark on Monday, November 18, to hit an intraday low of 76,965.06. That is why, the benchmark fell by at least 615 points in the trading hours. In the closing hours, Sensex recovered slightly and ended at 77,339.01 down by 241.30 points or 0.31%.

Meanwhile, Nifty 50 dropped by over 182 points to hit an intraday low of 23,350.40. After the closing bell, the 50-scrip benchmark closed at 23,453.80, lower by 78.90 points or 0.34%.

Top Bulls: Steel stocks stole the show by outperforming indices and benchmarks after China trimmed export tax rebates on selective metal products such as aluminium, and copper coupled with batteries and refined oil products. Nifty Metal surged by 1.90% to end at 8,996.65. Stocks like NALCO, Hindalco, Vedanta, Tata Steel, NMDC and JSW Steel surged by 1% to 9%. Other stocks that gained are HUL, M&M, Nestle, SBI, and Adani Ports by 1-2%.

Top Bears: IT stocks emerged as top losers of the day. TCS, Infosys, NTPC, Tech Mahindra, Bajaj Finserv, and HCL Tech fell by as much as 1% to 3.5%.

Why market fell for the seventh day in a row? Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Bearish sentiment continued to prevail as markets ended the choppy session on a weaker note for the 7th consecutive session led by weakness in IT, oil & gas and telecom stocks. However, optimism in banking, metals, auto and FMCG stocks helped benchmark indices come off their early lows. While Indian equity markets are seeing fund outflows for more than a month now, surging US bond yields and local earnings failing to meet the estimates has been causing uncertainty amongst the investors."

Is Stock Market Open Or Closed On November 19:

The stock market is open for trading in equity, equity derivatives, derivatives, currency derivatives, SLB, commodities, and bonds on November 19. However, trading will be closed on November 20, as per the NSE and BSE holiday list for the current month. The reason behind the November 20 holiday is the general assembly election in Maharashtra, which is the home ground for both BSE and NSE.

What To Expect On Tuesday?

Pranay Aggarwal, CEO, Stoxkart believes at this point it is worth reviewing macro data which is relevant for investors.

"Nifty index created a consecutive fourth red candle on daily charts and closed below the important psychological support of 23,500. Such bearishness usually spooks investors with "recency bias" - giving more weight to recent data and overlooking the initial premise they invested with. At this point, it is worth reviewing the macro data that is relevant to investors," Aggarwal added.

Thereby, Aggarwal highlighted that the projected growth rate for FY 2025 and 2026 is 7.2% and 7.1% by RBI. In September, the NSE market cap to GDP ratio reached 150% - the highest in 20 years. The demand for Indian goods domestically and internationally is swelling, as indicated by the October PMI of 57.5, which was significantly above September's 56.5 level.

He finally said, "We have a politically stable government, the fiscal deficit is under control, and capital expenditure is rising; all of which confirm India's long-term growth story. Investors are cautioned to stick to their premise and plan objectively."

Meanwhile, Ajit Mishra - SVP, of Research, Religare Broking believes that currently, the pace of decline is slowing due to oversold conditions.

Mishra said, "Nifty has now fallen below its major support at the 200-day EMA after a brief pause, indicating that the bears are in control. However, oversold conditions in heavyweight stocks across sectors are currently slowing the pace of the decline. We recommend maintaining a cautious outlook on the index and focusing selectively on stock-specific opportunities."

Going forward, investors will digest key macro data ranging from flash PMI surveys to bank deposit and loan growth to assess the impact and extent of growth moderation in the domestic economy, said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

Shrikant Chouhan, Head of Equity Research, at Kotak Securities also believes the current situation is oversold.

Kotak's Chouhan added, "We are of the view that the current market texture is weak but oversold hence; we could expect one quick pullback rally from the current levels. For the day traders now, 23350/76950 would act as a key support zone. If market succeeds in trading above the same, then it could bounce back to 23600/78000. Further upside may also continue which could push the market to 23700/78200. On the flip side, a fresh selloff is possible only after the dismissal of 23350/76950. Below which, it could slip till 23200-23175/76500-76400."

The equity market will continue to be in focus.