The Indian stock exchanges will reopen on Tuesday, March 26, after the Holi holiday closure on Monday, March 25. This week, traders will have only three days to trade as the markets will close again for Good Friday on March 29.

The currency, debt, and equity markets are set to resume on March 26 as well. In April, the markets will observe holidays on April 11 for Eid-Ul-Fitr and April 17 for Ram Navami. Additionally, Ambedkar Jayanti on April 14 and Mahavir Jayanti on April 21 will occur on weekends (Sunday), leading to no mid-week closures.

Markets on March 22: On Friday, the NSE Nifty 50 index rose by 0.39% to 22,096.75, and the BSE Sensex increased by 0.26%, closing at 72,831.94.

Stocks rebounded last week after a previous dip, with most sectors gaining momentum from the Federal Open Market Committee’s (FOMC) dovish remarks.

Real estate, auto, and metals sectors led the gains with about a 5% increase, while the information technology (IT) sector experienced a significant drop of over 6%. Meanwhile, the broader market, including small- and mid-cap stock indices, also saw notable rallies.

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Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, provided an optimistic outlook on the market based on his analysis of recent trading patterns. He noted a promising sign in the daily trading data, pointing out the formation of a positive candle with a minor upper shadow. This indicates that while the market faces strong resistance at the 22200-22300 levels, a decisive breakthrough above this range could trigger a significant upward movement in the market.

On a broader scale, Shetti’s analysis of the weekly chart reveals another positive sign, with the Nifty forming a small positive candle that includes a long lower shadow. This, Shetti notes, suggests that despite a dip below the 21950 level during the week, the market has bounced back above the 10-week Exponential Moving Average (EMA), a technical indicator often used to determine the market’s momentum and direction.

Shetti believes that if the market can overcome the 22200-22300 resistance levels, it could potentially reach new all-time highs around the 22550 mark. He also identified the immediate support level at 22880, indicating a safety net that could prevent significant downturns.

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