Mumbai and many other cities of Maharashtra on Tuesday, September 17, is going to be filled with colours and celebration as devotees will take to the streets with Lord Ganesha for the visarjan of the current year. The streets of Mumbai, the home city of stock exchanges BSE and NSE will be bustling, and hence, many companies and shops will be shut down too. Does that mean, trading on BSE and NSE will be closed during Ganpati Visarjan?
September 17:
Banks and schools are closed on Tuesday, September 17, due to Indrajatra/Id-e-Milad (Milad-Un-Nabi). Also, the Visarjan of Lord Ganesha will take place on this day.
However, this is not the case with the stock market. That is because, both BSE and NSE have not made any changes in the holiday list for September 2024, despite the change in public holidays from September 16 to September 17 in Maharashtra. Hence, BSE and NSE will continue to be operational throughout the weekdays of September 2024, with default holidays on Saturdays and Sundays.
Accordingly, trading on BSE and NSE in equity, equity derivatives, SLB, currency, and commodities markets will be open on September 17.
On September 16, Sensex and Nifty touched a new lifetime high of 83,184.34 and 25,445.70 before correcting on the closing. The 30-scrip benchmark ended at 82,988.78, up by 97.84 points or 0.12%. While the 50-scrip benchmark closed at 25,383.75, up by 27.25 points or 0.11%.
Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services said, "Nifty started the week on a positive note and made a fresh new high of 25445 before closing with minor gains of 27 points (+0.1%) at 25383 levels. Broader market too gained with Midcap100/Smallcap100 up +0.4%/+0.2%. Hopes of a rate cut by US Fed this Wednesday and FII buying last few days have kept the overall momentum positive. FIIs after being net seller of Rs20,339 cr in August, have bought Rs16,600 crore so far in September. Three new IPOs listed today with Bajaj Housing Finance witnessing a bumper listing of 114% and zooming another 10%, hitting the upper circuit, taking the overall gains to 136% over the issue price. Other two IPOs viz. Kross and Tolins Tyres also saw a premium listing post receiving good investor interest for the IPO. Tomorrow, mid-sized jewellery player PN Gadgil will be debuting on the bourses. Capital market stocks came into focus after SEBI announced T+2 for trading of bonus shares which will reduce the time taken for credit of bonus shares from earlier 15 days to now 2 days."
What To Expect Today?
Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher said, "Investors remain cautiously optimistic ahead of the U.S. Federal Reserve's meeting later this week, which could influence short-term trends. Investors are advised to stay aligned with the current trend, but watch for potential market reactions to the Fed's policy announcements."
Technical Outlook As Per Prabhudas Lilladher:
Nifty50: Nifty after the big spurt witnessed has been consolidating since the last 2 sessions hovering near the 25400-zone maintaining the bias and sentiment intact anticipating for further rise. The index has the next target level of 25800 expected with near-term support maintained near 25200 zone with the broader market also supporting.
Bank Nifty: BankNifty has moved past the 52000 zone improving the bias and can expect t o scale the initial target of 53500 level with the crucial support zone maintained near the important 50EMA zone of 51000 levels. Most of the private banking stocks like ICICI Bank, Axis Bank, HDFC Bank and Kotak bank looks well poised for further upward movement. BankNifty would have the daily range of 51800-52600 levels.
Sensex, Nifty Support And Resistance: The support for the day is seen at 82500/25250 levels while the resistance is seen at 83400/25500 levels.
Strategy? Ajit Mishra - SVP, Research, Religare Broking said, "The ongoing time-wise correction in the index is seen as healthy, and participants are encouraged to stick with a "buy on dips" strategy. We continue to favor banking, financials, realty, metal, and IT sectors. Traders should focus on identifying stronger stocks with relative strength, accumulating them gradually during this phase."
Khemka added, this week, global central banks would be in headlines as the rate cut cycle is likely to begin. The European Central Bank last week has already lowered its policy rate by 25 basis points to 3.50%, following up on a similar cut in June. The US Fed will announce their interest rate decision on Wednesday where it is widely expected to lower the rates by atleast 25 bps. Some of the other large central banks in UK, Japan and China are also scheduled to meet during the week. Beginning of rate cut cycle is likely to be beneficial for emerging markets and could keep the overall trend positive for the domestic market.
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