NSE, BSE shut today on account of Diwali Balipratipada

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On 16th of November, the National Stock Exchange and the Bombay Stock Exchange will remain shut on account of Diwali Balipratipada. No trading will take place in the forex, commodity futures, and commodity markets.

The equity market started the new-year Samvat 2077 on a better note as the benchmark indices ended on the Muhurat Trading Day at a closing high. Even Nifty was above 12,750. The Sensex was up 194.98 points or 0.45% at 43,637.98, and the Nifty was up 50.60 points or 0.40% at 12,770.60.

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas said, “The fact that the market is at all-time high adds to the festive cheer. Clearly, there is excitement on the street, and that is getting reflected in the volumes. We have been witnessing increased market participation since the last few months, and that continues in the Muhurat trading as well. Even on the Muhurat trading day, the volumes were higher than the last year. A rally that is supported by high volumes is considered as a bullish sign; so, we are expecting the rally to sustain at higher levels.”

Additionally, he said, “The laggards like banking and financial services saw a good amount of traction in the run-up to the Muhurat trading session. They were one of the major contributors to the index on the Muhurat trading day as well. The overall structure shows that this space has a lot of ground to cover on the upside and can continue to witness buying interest going ahead.”

BPCL, IOC, Tata Motors, HDFC Life, and Sun Pharma were among major gainers on the Nifty. While Hindalco, Hero MotoCorp, JSW Steel, SBI, and Bajaj Finance were the major losers.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, “The market is consolidating and slowly inching higher towards 12900/13000 levels. The Nifty 50 index is forming a symmetrical triangle on the intra-day chart. It’s a bullish continuation formation that would lift the market towards the psychological mark of 13000.”

He added, “The breadth of the broader market is quite satisfactory, which is indicating a firm grip of bulls and would not allow the Nifty to fall below 12600 levels in the normal circumstances.”

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