Indian Markets Closed on Eid al-Adha; Nifty and Bank Nifty Outlook for June 18, 2024
Indian equity markets will remain closed on Monday, June 17, 2024, in observance of Eid al-Adha (Bakri Id). The Bombay Stock Exchange (BSE) has announced the closure of the equity segment, equity derivative segment, and SLB (Security Lending and Borrowing) segment. Trading in Currency Derivatives Segment and Interest Rate Derivatives segments will also be suspended. However, commodity derivatives and electronic gold receipts segments will have an evening trading session from 5 pm to 11:30/11:55 pm.
During the previous trading session on Friday, domestic benchmarks showed strength, with the BSE Sensex closing 182 points higher at 76,992, and the NSE Nifty touching an all-time high of 23,490 before settling 67 points up at 23,466. Mid-cap and small-cap indices also ended in positive territory.
Sectorally, 14 out of the 16 NSE sectoral indices closed higher, led by gains in Nifty Auto, Nifty Consumer Durables, and Nifty Healthcare. On the other hand, Nifty IT witnessed a slight decline.
Looking ahead, analysts suggest that Nifty is likely to remain positive with support levels around 23,400-23,300, indicating a ‘buy-on-dip’ strategy unless it breaches these levels. For Nifty Bank, the index is consolidating below the 50,000 mark, with resistance seen at 50,200. Support levels are identified at 49,500-49,400, with further downside risk below 49,000.
Market participants anticipate the resumption of trading on Tuesday, June 18, 2024, with continued focus on sector-specific movements and key technical levels.
