Stock Market Holiday: December 25th is widely celebrated as Christmas across the world including in India. Hence, Christmas is declared as public holiday across states. So far since the start of trading week, Indian stock market has shown a mixed trend, with latest performance of Sensex and Nifty being mildly down. That being said, is trading opened or closed on Wednesday?
Stock Market Holiday On Christmas:
As per the holiday list on BSE and NSE, trading in equity, equity derivatives, derivatives, commodities, bonds, SLB, and other market related instruments is closed on December 25th, 2024, due to celebration of Christmas across India.
Hence, investors will not be able to buy or sell in market-related products on Wednesday.
Sensex, Nifty Performance:
On December 24th, Sensex and Nifty erased their early gains to close in the red. A lack of fresh triggers, coupled with a weak performance from metal and PSU bank stocks, weighed on investor sentiment. The benchmark Nifty 50 slipped 26 points to settle at 23,728, while the Sensex lost 67 points, ending at 78,473. Prior to this, Indian stock market was bullish on Monday, December 23.
On the latest performance, Vinod Nair, Head of Research, Geojit Financial Services said, "The domestic market concluded flat ahead of the holiday, with metal and power stocks dragging performance while FMCG and auto sectors gained from recent corrections."
Stock Market Outlook For Thursday, December 26:
Also, Prashanth Tapse, Senior VP (Research), Mehta Equities said, The Nifty index saw a lackluster start to the much-anticipated 'Santa Claus Rally Period,' with the index closing at 23,728, down 26 points. The sluggish session was attributed to persistent selling by FIIs, concerns over India's slowing economic growth, and a weakening Indian rupee, which hit a record low of Rs. 85.13 against the dollar. These factors weighed on investor sentiment, keeping the market directionless and choppy throughout the day. Our earlier call suggested a low-volume trading session, and that prediction held true as Nifty traded in a volatile range.
For Thursday, December 26th, Mandar Bhojane, Research Analyst at Choice Broking said, the Nifty is consolidating within a narrow range of 23,900 to 23,600, reflecting indecision among market participants. Resistance near 23,900 capped gains, while the index managed to hold support at 23,600. A decisive breakout above 24,000 is needed to drive the index higher toward its next resistance levels of 24,200 and 24,400. On the downside, a break below 23,550 could lead to further correction, with support at 23,400 and 23,250.
Bhojane added, "Open interest data indicates key levels of interest for traders. Significant call open interest at 24,000 and 24,200 highlights resistance, while maximum put open interest at 23,500 suggests strong support at this level. This points to a range-bound market with directional clarity likely to emerge only after a breakout or breakdown from the current range."
To investors, Ajit Mishra - SVP, Research, Religare Broking said, the market appears to be consolidating after the recent decline and is currently hovering around the support zone of its long-term moving average (200 DEMA). Among the sectoral indices, defensive like pharma and FMCG are showing resilience while we are seeing pressure across the board. Signs point to a potential further decline, so traders should exercise caution and remain selective.
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