Moneycontrol
Last Updated : May 01, 2018 04:03 PM IST | Source: Moneycontrol.com

Sensex, Nifty shut today on account of Maharashtra Day

There will be no trading in the equity market. All wholesale commodity markets, including those of metals and bullion, will remain closed as well.

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The country’s pioneer stock exchanges, BSE and the National Stock Exchange (NSE), are shut on Tuesday on account of Maharashtra Day.

As a result, there will be no trading in the equity market. All wholesale commodity markets, including those of metals and bullion, will remain closed as well.

The foreign exchange and commodity futures markets will also not conduct any kind of trading.

Benchmark indices on Monday closed at three-month high levels, driven by gains in technology and FMCG stocks, and the HDFC twins.

Liberalisation of norms for external commercial borrowing by the RBI, correction in crude oil prices and positive global cues also boosted sentiment.

The 50-share NSE Nifty ended above 10,700 for the first time since February 2, rising 47.10 points to 10,739.40.

The index rallied 6.2 percent in April, following a correction of more than 8 percent in the last two months.

On the technical charts, the Nifty made a strong bull candle. Formation of a strong bullish candle suggests that the momentum is strong and there is a higher possibility now for the index to hit levels closer to 10,900, experts suggested.

The index has been forming higher highs and higher lows on the daily scale over the last three trading sessions, which indicates that supports are gradually shifting higher.

However, owing to relentless strength displayed by the bulls in the last 5 weeks a pause or minor correction can’t be ruled out going forward. Traders should keep a stop below 10,600 for all long positions, experts reckoned.
First Published on May 1, 2018 08:35 am
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