Raksha Bandhan: Are Indian Stock Markets Closed on Monday?
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The National Stock Exchange (NSE) and BSE will remain open on Monday.
August 19 is a working day for the Indian stock market and the trading will take place as usual throughout the day.
After a truncated week, the week starting from Monday is full of hopes among investors as the domestic stock market closed on a bullish note on Friday. Now, Monday is the festival of Raksha Bandhan. However, the Indian stock market, including the BSE and NSE, will remain open on August 19.
According to the BSE’s stock market holiday list, August 19 is a working day and the trading will take place as usual throughout the day. Now, the next holiday will be on October 2 on account of ‘Mahatma Gandhi Jayanti’.
Here’s the list of upcoming stock market holidays in India in 2024:
October 2: Mahatma Gandhi Jayanti
November 1: Diwali (Muhurat Trading will take place in the evening)
November 15: Guru Nanak Jayanti
December 25: Christmas.
What Factors Will Drive the Stock Market This Week
Friday’s rally in the stock market reversed all the last week’s losses, with both the Nifty and Sensex closing with gains of around 1 per cent. Throughout the week, the market was under pressure, driven by a ‘sell on rally’ structure due to concerns raised by the Hindenburg report, high valuations, and some disappointing earnings. However, global cues were strong last week. The fear of a reversal in the yen carry trade has eased, and robust retail sales figures, along with better-than-expected job data, have reduced concerns about a potential U.S. recession. Moreover, the market is now fully pricing in a 25 basis point rate cut by the U.S. Federal Reserve in September, further boosting investor confidence.
Foreign Institutional Investors (FIIs) turned net sellers in index futures last week. However, Friday’s trading session saw significant short-covering, bringing their long-short ratio to an even 50-50.
“This week, there are fewer cues on the macro and micro fronts, as the Q1 earnings season has concluded. However, important global economic data, such as Japan’s inflation numbers and the minutes from the U.S. Federal Open Market Committee (FOMC) meeting, will be closely watched. The uncertain geopolitical situation remains the primary near-term risk for the market,” Santosh Meena, head of research at Swastika Investmart.
Traders will also closely monitor institutional flows and crude oil price movements, he added.
“On the technical charts, Nifty has finally broken out of the consolidation range between the 50-DMA and 20-DMA, closing above the 20-DMA. This breakout could lead to further bullish momentum, with the 24,800-25,000 zone serving as a key resistance area. On the downside, the 20-DMA around 24,477 will act as immediate support, while the 24,200-24,000 zone remains a critical support area,” Meena said.
The Bank Nifty has established a base at the 100-DMA, but it needs to breach the 50,800-51,200 supply zone to trigger a significant short-covering rally. The 50,000-49,800 area has now become a crucial support zone, he added.
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