Traders brace for short 3-day trading week ahead
On Monday the exchanges remained closed due to the festival of Holi, while Friday will also be a market Holiday on account of Good Friday.
NEW DELHI: Indian stock exchanges are braced for a challenging week with just three trading days in the week. On Monday the exchanges remained closed due to the festival of Holi, while Friday will also be a market Holiday on account of Good Friday.
The BSE Sensex had closed on Friday at a level of 72,831.94. Market veteran Arun Kejriwal in his column on Konnexio Network wrote "The current value of NIFTY is at 22,096.75 points which is a mere 113.95 points or 0.52% higher than the March series open at 21,982.80 points. With three trading sessions to go, and such a volatile market, the series is clearly up for grabs and can go in any direction. If the bulls slip up, they could see the series being lost in next to no time. Expect markets to be super volatile over the next three days which would culminate in the end of the series as well."
The BSE holiday calendar for 2024 lists trading holidays for a total of 14 days. Equity markets will remain closed on two occasions in April. April 11 for Eid and April 17 on the occasion of Ram Navmi. Further with Mumbai scheduled to vote on May 20 there is a likelihood of trading being suspended for the day.
On Friday benchmark equity indices saw a recovery from day's low to end on a positive note. The 30-share BSE Sensex added 190.75 points to close at 72,831.94. The NSE Nifty ended the day with gains of 84.80 points at 22,096.75.
"Last week's mid and small-cap could recover halve as buying improved by continued DIIs and FIIs inflows. The IT sector faced headwinds driven by Global slowdown in spending. Investors redirected attention towards the realty sector, which emerged as the top performer of the week. The bounce is ecpected to continue in the short-term as traders punt to buy when the market is trading at oversold territory. However concerns persisted regarding infalte valuations in mid and small-cap stocks. And large caps are expected to outperform in the medium term," said Vinod Nair, Head of Research at Geojit Financial in his weekly market outlook.
