The Indian stock markets are taking a breather this Tuesday (November 14) to celebrate Diwali Balipratipada. That’s right, no trading action across the board – the markets are officially on holiday mode.

So, what’s closed? Well, everything! Whether it’s the Equity segment, Equity Derivative Segment, SLB Segment, Currency Derivatives, or Interest Rate Derivatives – all these segments are hitting the pause button for the day. And if you’re into commodities, the Multi Commodity Exchange (MCX) is also joining the holiday spirit, staying closed for the first half of the day but will kick back into gear from 5 pm for the evening session.

This break marks the first market holiday for November, and there’s another one coming up on the 27th for Gurunanak Jayanti. Looking ahead to December, the markets will also be closed on the 25th for Christmas.

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How did markets perform on November 13?

On Monday, the Sensex and Nifty, India’s benchmark stock indices, experienced a downturn, influenced by a sell-off in IT, consumer durables, and financial stocks.

Investors, wary of the upcoming release of US inflation data, adopted a cautious stance, leading to these declines.

The BSE Sensex dropped by 325.58 points, a 0.50% fall, closing at 64,933.87. It even hit a lower point during the day, decreasing by 406.09 points to 64,853.36.

Similarly, the Nifty fell by 82 points, or 0.42%, ending at 19,443.55.

This cautious market behaviour mirrored the mixed responses in Asian markets, as investors globally braced for the US inflation data, concerned about potential interest rate hikes by the Federal Reserve.

According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the Nifty is currently facing resistance at around 19550 levels, indicating a period of consolidation at this key resistance point.

Despite this, the near-term trend for the Nifty remains positive, Shetti explains. However, as it hovers around the crucial resistance zone of 19550-19600, we might see some more consolidation or a slight dip in the short term before any significant upward breakthrough. If the index weakens further, it is expected to find support in the range of 19300-19250 levels.

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