Banks in many cities of India are set for a long weekend, as they will be closed for three days from October 11 to 13. This is due to the Navratri festival which will end during these days with Durga Ashtami and Dussehra. But is that the case with the Indian stock market? Is trading on BSE and NSE open from October 11-13? Let's find out!
October 11:
There is a holiday on this day due to Dusshera (Mahashtami/Mahanavami)/Ayudha Pooja/Durga Puja (Dasain)/Durga Ashtami. However, as per the BSE and NSE holiday list for 2024, October 11 is not a market holiday.
Hence, trading will be open in equity, equity derivatives, commodities, bonds, currency, currency derivatives and SLB segment.
October 12:
October 12 aka a Saturday will be auspicious due to the celebration of Dasara/Dussehra (Mahanavami/Vijayadashmi)/Durga Puja (Dasain). However, since Saturday is a weekend, the stock market is closed by default.
October 13:
Just like Saturday, October 13 is a default holiday for the stock market. It will be a Sunday!
Stock Market Outlook For Friday:
On October 10, The Nifty closed at 24,998, reflecting a modest gain of 16 points, while the Sensex rose by 144 points, settling at 81,611. The Nifty Bank outperformed its peers, surging 524 points to 51,531, driven by robust gains in financial stocks.
On Friday, stocks like Tata Consultancy Services, IREDA, Den Networks, Tata Elxsi, and Anand Rathi among others will be in focus due to their Q2 results.
Stoxkart said, "Indian markets have experienced losses in seven of the last eight sessions, primarily driven by worries over rising tensions in the Middle East and foreign fund outflows. Investors are closely monitoring the upcoming U.S. consumer price index data, as well as earnings reports from Indian companies, beginning with TCS."
Technically, Stoxkart added, "The Nifty is trying to hold onto its key support zone, with potential consolidation expected in the coming sessions. A decisive move above 25,100 could trigger short covering and push the index towards 25,300 level in the short term."
Moreover, Ajit Mishra - SVP, of Research, Religare Broking said, "The outlook points to consolidation with a negative bias unless Nifty decisively surpasses the 25,300 mark. On the downside, a drop below the recent low of 24,700 could lead to fresh declines. With the earnings season underway, stock-specific action is expected to pick up. Traders should remain cautious and maintain a balanced approach with positions on both sides."
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