Spring festival Gudi Padwa 2024 will be celebrated across Maharashtra, Goa and other parts of India, on Tuesday, April 9. The ongoing month will see two trading holidays. As per the list of holidays on stock exchanges BSE and NSE, while the currency derivatives segment will be shut tomorrow on account of Gudi Padwa, it would be a business as usual for equity bourses.
This would still be a truncated week as the stock market will be closed on Thursday, April 11, on account of Id-Ul-Fitr (Ramzan Id). It would be shut on April 17 (Wednesday) for Ram Navami. In the immediate future, share market will also be closed on Wednesday, May 1, to commemorate the formation of the state (May 1, 1960).
On Monday, the BSE Sensex settled the day at 74,742.50, up 494.28 points or 0.67 per cent. Nifty advanced 152.60 points or 0.68 per cent to close at 22,666.30.
Traders are advised to exercise caution with aggressive long positions at higher levels and consider profit-taking strategies, said Rajesh Bhosale, Technical Analyst at Angel One. This analyst sees immediate support for Nifty at 22,500-22,450.
Rupak De, Senior Technical Analyst, LKP Securities said Nifty maintained its strength by staying above 22,500 throughout Monday’s session. Additionally, it exceeded the previous all-time high of 22,619, even the index has reached near the upper band of the rising wedge, which might act as resistance in the short term.
Over the short term, the index might consolidate within a range, De said while suggesting a support at 22,500.
“The level of 22,500 was acting as a strong resistance for Nifty. Call writers (Bears) exiting along with put writers’ entry (Bull entry) was observed at the 22,500-strike. This led to a sharp intraday up-move. Strong put writing was also observed at the 22,600-strike today. The call writers (Bears) lead the put writers (Bulls) by a fair margin at the 22,700-strike and the option activity at this strike will provide cues about Nifty’s Intraday direction tomorrow,” said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.
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