Indian Stock Exchanges to Remain Closed on June 17 for Eid-ul-Adha
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be closed on June 17 in observance of Eid-ul-Adha. This means that trading in derivatives, equities, SLBs, currency derivatives, and interest rate derivatives will not take place on that day.
However, the commodity derivatives segment will have a split schedule, with the morning session closed from 9am to 5pm, and the evening session open from 5pm to 11.55pm.
Trading will resume on both the NSE and the BSE on Tuesday, June 18.
In other news, Indian markets reached a fresh record high on June 14, with the Sensex closing 0.24 percent higher and the Nifty ending 0.29 percent higher. Among sectoral indices, BSE Capital goods was the top gainer, while BSE IT index fell 0.7 percent.
According to Jatin Gedia, a Technical Research Analyst at Sharekhan by BNP Paribas, the Nifty has been consolidating in a range of 23200 – 23500, with a potential breakout in the coming week.
Meanwhile, Bank Nifty is facing resistance at the 78.6% Fibonacci retracement level and could see an upmove in the upcoming week.
On the currency front, the Indian rupee ended flat at 83.56 per dollar on Friday. Jateen Trivedi, VP Research Analyst at LKP Securities, stated that the rupee is expected to remain range-bound, with a weak undertone as it consolidates near its all-time low.
Overall, the Indian stock market is poised for potential movements in the coming week, with traders keeping a close eye on various indicators and developments.
