Stock market holiday: According to information on the BSE website, Indian equity benchmarks will be closed on Monday in observance of the “General Elections (Lok Sabha)“. The stock, equity derivative, and SLB (Security Lending and Borrowing) segments are all included in this closure. Additionally, currency derivatives, commodity derivatives, and electronic gold receipts segments will also be closed. In May 2024, there will be a total of 11 stock market holidays, including weekends.
In the previous session, the headline index NSE Nifty closed 36 points higher at the 22,502 level, marking a 0.16 percent increase. The 30-share BSE pack also saw gains, settling 89 points up at 74,006, a rise of 0.12 percent. On May 18, the bourses were operational for a special trading session
Mid- and small-cap shares showed positive movements as well, with the Nifty Midcap 100 increasing by 0.51 percent and the Nifty Smallcap 100 rising by 0.82 percent. The fear index, India VIX, surged by 3.67 percent to reach the 20.53 level.
All 16 sectoral indices on the NSE ended the session in positive territory. Notably, sub-indices such as Nifty Media, Nifty Consumer Durables, Nifty Oil & Gas, and Nifty Realty performed notably well, registering gains of 1.24 percent, 0.48 percent, 0.47 percent, and 0.78 percent, respectively.
On the BSE, leading stocks like Airtel, L&T, TCS, Power Grid, Nestle India, Tata Motors, SBI, HUL, and HCL Tech saw gains of up to 2.33 percent.
Out of the 3,613 stocks that traded on the BSE during the last session, 2,415 closed higher while 1,073 ended lower. The remaining 125 stocks remained unchanged. -Stock market holiday
The domestic stock exchanges are scheduled to resume trading on May 21, 2024 (Tuesday).
Nifty Outlook
Rupak De, Senior Technical Analyst at LKP Securities, commented that the Nifty has remained within a certain range, closing above 22,500 for the first time in several days. However, the presence of a small-bodied candle on daily charts suggests uncertainty regarding future price direction. Additionally, there’s significant activity in both ‘CALL’ and ‘PUT’ options at the 22,500 level, indicating a point of indecision. Hence, traders are advised to stay vigilant during the initial trading hour to confirm any potential directional movement. Support is noted at 22,400. On the upside, a sustained upward movement could propel the index towards 22,600 and beyond in the short term.
Disclaimer: Stockeasynow provides stock market news for informational purposes only and should not be construed as investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.
