Eid al-Adha 2024: Indian Stock Market Closed

In honour of Eid al-Adha (Bakri Id), the Indian stock market is closed today, June 17, including the BSE Sensex and NSE Nifty 50. The only trading holiday in June 2024 is this one; the following one is on July 17 in observance of Muharram. The 2024 stock market calendar lists a total of 15 holidays.

Today is a closed day for all BSE and NSE segments, including stock, derivatives, and security lending and borrowing. On the other hand, the electronic gold receipts and commodities derivatives segments will reopen for the evening session from 5:00 PM to 11:55 PM.

The stock market has been doing quite well; last Friday, the Nifty 50 hit a record high of 23,490.40. The Nifty Midcap 100 rose by 1.05% and the Nifty Smallcap 100 by 0.8%, indicating that the broader markets were supporting this advance. The Nifty 50 stayed in a confined range last week, with less volatility as traders became more stock-specific in their strategy after the election results.

According to experts, the Nifty 50’s initial obstacle is located at 23,500, which was last week’s resistance level. If the Nifty breaks through this barrier, it might rise to 23,900–24,000 and resume its previous decline. There are designated support levels at 23,300 and zones between 23,000 and 23,900. We see any fall in the direction of these supports as a buying opportunity.

The view for the market is still positive for the upcoming week, and traders are advised to keep a positive bias and hunt for chances related to individual stocks. Positive mood is anticipated in the near term, with support located between 23,400 and 23,300. A large decline below these levels could lead to bearish movements in the market.

The Nifty Bank index, which has the greatest open interest on the call side, has been leveling down and battling to cross the 50,000 threshold. To verify an upward breach towards 51,000, there must be a clear break over 50,200. The lower-end support is located between 49,500 and 49,400; a collapse below this level could result in more losses towards 49,000.

In conclusion, traders are recommended to concentrate on stock-specific opportunities and keep a positive trading bias, as the Indian stock market is expected to continue bullish over the next week.