The Indian stock market will remain closed today due to Holi. Markets will remain closed for three consecutive days on March 19 and 20, Sensex and Nifty will not trade due to weekly holidays. Trading will resume on March 21.
Indian equity, currency and derivatives markets will remain closed for trading on March 18, Friday, as Dalal Street and the country observe Holi. Commodity markets will be closed for the morning session. However, it will open in the evening. As the weekend follows Holi, the market will resume business on March 21, Monday. Later this month, the exchange will again remain closed on the 26th and 27th due to the weekly holiday. In the previous session, domestic equities were dominated by bulls in the weekly futures and options expiry session. While the S&P BSE Sensex rose 1,047 points or 1.84% to settle at 57,863, the NSE Nifty 50 index climbed 311 points or 1.84% to close at 17,287. wide reflected the rise. Bank Nifty ended up 1.9% at 36,428, while India VIX closed down 6.26% at 22.61.
Nifty might stay in the band 17639-16843
“Nifty has risen sharply over the past few days as the immediate issues (war, crude oil prices and US Fed outcome) appear to have faded. Momentum remains strong as mid and small cap stocks have begun to rally. participate on the upside as evidenced by the positive ratio of early decline. The high volume count suggests that REITs have returned as buyers. Nifty may remain in the 17639-16843 band for the coming sessions,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
How to trade next week
Prashanth Tapse, Vice President (Research), Mehta Equities
“Clever bulls celebrated Holi with green while short-sellers were in a hurry. The auspicious occasion of Holi was celebrated on Dalal Street as benchmark Nifty enjoyed another session of strong gains and, more importantly, was seen racing to hit the magic 17,500 mark. The technical landscape became aggressively bullish. This optimistic backdrop should take Nifty easily to his magic goal post at 17,500 and then to aggressive targets at 18,000.”
Nishit Master, Portfolio Manager, Axis Securities
“On Wednesday, the US Fed raised rates by 25 basis points and announced six more rate hikes of 25 basis points each for the year. This announcement corresponded to market expectations and the American and Indian markets therefore recovered. We believe that beyond the rate hike path indicated by the Fed, it is crucial to keep an eye on the US Fed’s balance sheet reduction proposal (QT), which should begin as soon as the next meeting. This tightening of liquidity can increase market volatility and reduce PE multiples. We therefore believe that despite the recent rally, markets will remain volatile for the foreseeable future due to tighter global liquidity conditions. This volatility should be used to increase the long-term equity allocation.
Sameet Chavan, Lead Analyst – Technical and Derivatives, Angel One
“Action-specific adjustments are likely to continue and therefore the pragmatic approach would be to continue to focus on themed games, and identifying potential players within these is key. Additionally, the Banking Index plays a vital role going forward as it nears its crucial 36,700-37,000 junction. that the Russian-Ukrainian war is not yet completely over, it would also be important to follow this development regularly”.