Is Share Market Closed On October 2, Gandhi Jayanti?

In observance of Gandhi Jayanti, India’s stock market will pause its bustling activity on October 2, a Monday, to pay homage to the Father of the Nation. This means traders will have to hang up their trading hats for the day, with markets resuming their usual pace on October 3, Tuesday.

For those eyeing their fund withdrawals, it's crucial to note that standard requests made post 8 am on September 28, Thursday, will only see the light of day on October 3. However, the instant withdrawal facility will run uninterrupted, ensuring fluid financial transactions for those in need.

Additionally, the Multi Commodity Exchange (MCX), a pivotal player in the commodity market, will also join in the observance, ceasing its operations for the day. Both its morning sessions, running from 9 am to 5 pm, and evening sessions, extending from 5 pm to 11:30/11:55 pm, will remain closed, aligning with the national sentiment of reverence and reflection on this significant day.

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How Did Domestic Markets Perform on September 29?

On Friday, positive cues from global markets due to a decrease in US Treasury yields and crude oil prices led Indian stock markets to open higher. Although last-hour profit booking at higher levels slightly trimmed the benchmark indices, they still closed on a strong note.

However, for the second consecutive week, Indian equity benchmarks finished lower overall. Sensex fell 180.74 points or 0.27%, closing at 65828.41 levels on a weekly basis, while Nifty decreased by 35.95 points or 0.18%, settling at 19638.30 levels. During the week, the domestic markets experienced gains in three out of five trading sessions.

This week, the broader markets, including the Mid and Smallcap indexes, outperformed the benchmarks, ending higher by 0.99% and 2.18% respectively. Among the sectors, Nifty Realty, Pharma, and Metal advanced, while IT, Media, and Auto experienced pressure, with IT experiencing the most significant drop, falling by 3.41% this week.

Technical Analysis: According to Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, Nifty displayed a decisive weakness on Thursday but made a sharp counterattack on Friday. However, it couldn't maintain its momentum to close near the highs. The market opened on a positive note and exhibited strength in the early to mid parts of the sessions, but selling pressure emerged from the day’s high of 19725 levels, causing Nifty to close the day off the highs.

Shetti points out that a small positive candle with a long upper shadow was formed on the daily chart, indicating an inside day-type candle formation. The candle patterns of the last two sessions signal a last engulfing pattern and an inside day bar, respectively. These patterns could offer some relief for bulls, allowing them to maintain crucial weekly support at 19550 levels (10-week EMA) in the short term.

Currently, the market is navigating through the range of high low point of Thursday’s long bear candle. Shetti suggests that a sustainable move above 19770 levels could potentially reignite the bulls. However, a decline below 19500 is likely to resume the sharp selling momentum.

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Posted In: EducationGeneralGandhi JayantiMarket holiday