Sensex, Nifty: It is a bank holiday on November 18, 2024, in major cities due to the celebration of Kanakadasa Jayanti. Will the Indian stock market be closed or opened on Monday as well? Indian stock market has recorded six consecutive bearish trends. Last week, Sensex and Nifty dipped between 2.3% to 2.5%.
Is Stock Market Closed On Monday, November 17?
As per the BSE and NSE holiday list, November 18 is not a stock market holiday. Hence, trading in equity, equity derivatives, derivatives, currency, commodities, bonds and the SLB market will be operated as a normal routine.
Stock Market Performance:
It is expected that the market will look for improvement after a heavy bearish week. Noteworthily, Sensex and Nifty could see a lift after the global brokerage CLSA has decided to key movement, reversing its earlier tactical allocation shift from India to China. The reason for CLSA leaning more towards the Indian market is because of Donald Trump's return to the White House, which is heralding a trade war escalation. CLSA has announced a 20% overweight in India.
In its latest report, CLSA calls India a 'Pouncing Tiger' while seeing China as a 'Prevaricating Dragon'. With Trump's win in the US election in 2024, higher yields and inflation expectations are sapping the scope for the Fed in rate cuts, and thus People's Bank of China (PBOC) is expected to ease its policy stance ahead.
CLSA finds India is among the least exposed of regional markets to Trump's adverse trade policy. Moreover, so long as energy prices remain stable, India may offer a relative oasis of FX stability in an era of a strengthening US dollar.
Thereby, CLSA has announced 20% overweight in India.
Last week, on Friday, Sensex ended at 77,580.31, down by 110.64 points or 0.14%, while Nifty 50 ended at 23,532.70 lower by 26.35 points or 0.11% to close at 23,532.70.
In five sessions, Sensex has dropped by 1,981.89 points or 2.49%, while Nifty 50 plunged by 637.90 points or 2.64%. Further. On a month-on-month basis, Sensex nosedived by a massive 4,392.74 points or 5.4%, while Nifty underperformed its counterpart by tumbling 1,595.25 points or 6.35% in percentage terms.
What To Expect On Monday?
Vinod Nair, Head of Research, Geojit Financial Services said, it looks like the muted performance of domestic Q2 earnings has been mostly factored in with the consolidation of the last 1-2 months. The market will look forward to improvement in domestic business and economic data, in anticipation of a rebound in government spending which was reduced during the year due to national & state elections.
Meanwhile, Amol Athawale, VP-Technical Research, Kotak Securities is of the view that the current market texture is weak but oversold, for the positional traders now, 200 day SMA or 23500/77400 (Simple Moving Average) would act as a sacrosanct support zone. Above the same, we could expect one quick technical pullback rally. On the higher side, the market could bounce back till 23800-24000/78500-79000. However, the dismissal of 23500/77400 could trigger further weakness. Below which, it could slip till 23300-23200/77000-76600.
For Bank Nifty, Athawale said, 200-day SMA or 49750 would be the key support zone. If it sustains above the same, then it could move up till 50900-51200. However, below 49750 or 200 day SMA, the sentiment could change. Below which it could slip till 49300-49000. Short-term traders should remain cautious and be very selective as there is a risk of getting trapped at lower levels.
Additionally, Ajit Mishra - SVP, of Research, Religare Broking said, the Nifty's pause was largely anticipated after retesting its major support level at the 200-day exponential moving average (DEMA). Hence, Mishra advised monitoring leveraged positions closely at this point. With major earnings now behind us, it's crucial to focus on the performance of the IT and banking sectors for further cues.
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