Stock Market Holiday On Wednesday, November 20; Trading On BSE, NSE Closed Or Opened On Maharashta Election

Stock Market Holiday: Trading on BSE and NSE is closed on Wednesday, November 20, due to the general assembly election that will take place in Maharashtra, which is also the headquarters of the Indian stock exchange. Trading will resume from November 21 onward. In the previous session, the Indian stock market halted its seven consecutive days losing streak.

Stock Market Holiday On Wednesday:

As per BSE, NSE's list of holidays, trading will be closed for equity, equity derivatives, derivatives, currency derivatives, SLB, commodities, and bonds on November 20.

Maharashtra state is holding an assembly election. BJP, Congress and other local parties will compete for the 288 members seat of the 15th Maharashtra Legislative Assembly 2024. Voting will open on Monday, November 20, while the results of the votes will be announced on November 23, 2024.

What To Expect Ahead In the Market?

In the previous session, the Sensex gained 239 points to close at 77,578, while the Nifty rose 65 points to end at 23,519. Meanwhile, the Midcap Index climbed an impressive 503 points to 54,548, and the Nifty Bank Index added 263 points to settle at 50,627. In the trading hours, Sensex and Nifty had crossed their key marks of 78,000 and 24,700.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, that markets were in a sweet spot in the first half due to the recent oversold position, but most of the gains eroded towards the closing stages as weak European market cues owing to the widening of geopolitical tensions between Ukraine and Russia prompted investors to exercise caution. If the ongoing war sees further escalation, risk-off sentiment in equity markets may continue fuelling extended selloffs.

Gaurav Garg, Research Analyst at Lemonn Markets Desk said, What we are seeing is a short-term relief rally with markets bouncing from oversold conditions with Nifty's relative strength index (RSI) slipping below 30, a level considered as oversold in previous sessions. Broader Mid and Small caps posted gains along with Bank Nifty, helped by gains in private banks.

Garg added Bank Nifty has so far not breached the key 50000 level which is crucial. For benchmark Nifty 50, despite the rebound, the market gave up the gains and eventually closed below the crucial 200dma at 23574 which signals further weakness in the near term with next immediate support at 23333 followed by 23213.

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, the analyst said.