The Indian stock market remains closed today due to Holi. The markets will remain closed three times in a row on March 19 and 20, the Sensex and Nifty will not trade due to the weekly holiday. The stock markets resume trading on March 21.
India’s stock, currency and derivatives markets will remain closed to trading on Friday, March 18, as Dalal Street will observe Holi along with the nation. Commodity markets will be closed for the morning session. However, it opens in the evening. If the weekend follows Holi, trading will resume on Monday, March 21. Later this month, the stock market will be closed again on 26 and 27 due to the weekly holiday. In the previous session, domestic stocks were dominated by bulls during the weekly Futures & Options expiration session. While S&P BSE Sensex rose 1.047 points or 1.84% to settle at 57,863, the NSE Nifty 50 index zoomed in by 311 points or 1.84% to close at 17,287. Wider markets reflected the upward movement. Bank Nifty finished 1.9% higher at 36,428, while India VIX closed 6.26% lower at 22.61 levels.
Nifty could stay in the band 17639-16843
“Nifty has risen sharply in recent days as immediate concerns (war, crude oil prices and the US Fed’s outcome) appear to be out of the way. Momentum remains strong as mid and small cap stocks have begun to participate in the upward movement, as evidenced by the positive advance-to-decline ratio. The number of high volumes suggests that FPIs have returned as buyers. Nifty could stay in the band 17639-16843 for the next few sessions,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Trading next week
Prashanth Tapse, Vice President (Research), Mehta Equities
“Fine bulls celebrated Holi with green, while shortsellers were squeezed. Holi’s auspicious occasion was celebrated in Dalal Street as benchmark Nifty enjoyed another session of strong gains and, most importantly, was seen racing to reach the magical 17,500. The technical landscape has turned aggressively bullish. This optimistic backdrop should easily take Nifty to his magic goalpost at 17,500 marks and then aggressive targets at 18,000 marks.”
Nishit Master, Portfolio Manager, Axis Securities
“Wednesday, the US Fed raised rates by 25 bps and announced six more rate hikes for the year of 25 bps each. This announcement was on the expected lines for the market, so the US and Indian markets rose with relief. We believe that, in addition to the price appreciation trajectory indicated by the Fed, it is critical to keep an eye on the US Fed’s proposed balance sheet cut (QT), which is expected to start from its next meeting. This tightening of liquidity can add volatility to the markets and lower PE multiples. We therefore believe that despite the recent rally, markets will remain volatile for the foreseeable future due to the tightening of liquidity conditions worldwide. One should use this volatility to increase long-term equity allocation.”
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
“Stock specific adjustments are likely to continue and so the pragmatic approach would be to continue to focus on thematic play, and most importantly, identifying the potential movers within the same is key. Also, the banking index plays a vital role in moving forward as it approaches its pivotal point of 36700 – 37000. Let’s see how this high beta index behaves in the first half of the week. Since the war between Russia and Ukraine has not yet come to an end, it would be important to monitor this development regularly.”
This post Stock market holiday today: NSE, BSE remain closed on Holi was original published at “https://www.financialexpress.com/market/stock-market-holi-holiday-is-share-market-closed-today-nse-bse-to-be-closed-on-holi-heres-how-to-trade-next-week/2464481/”