Raksha Bandhan: Are Indian Stock Markets Closed on Monday?

Sudha Subbiah

Raksha Bandhan: Are indian Stock Markets Closed on Monday?

Following a short trading week, investors are optimistic about the upcoming week as the domestic stock market ended on a positive note last Friday. With Raksha Bandhan falling on Monday, there is speculation about market operations. However, both the BSE and NSE will remain open for trading on august 19.

According to the BSE’s holiday calendar, august 19 is a regular trading day. The next market holiday will be on october 2 for mahatma gandhi Jayanti. Upcoming stock market holidays in india for 2024 include:

  • October 2: mahatma gandhi Jayanti
  • November 1: diwali (Muhurat Trading will be held in the evening)
  • November 15: Guru Nanak Jayanti
  • December 25: Christmas

Market drivers for the Upcoming Week

Friday’s market rally reversed the previous week’s losses, with the Nifty and Sensex both gaining around 1%. Despite the week's earlier pressures, including concerns from the Hindenburg report, high valuations, and disappointing earnings, strong global cues provided support. Easing fears about a reversal in yen carry trades and positive U.S. retail sales and job data alleviated recession concerns. Additionally, the market is now anticipating a 25 basis point rate cut by the U.S. Federal Reserve in September, boosting investor sentiment.

Foreign Institutional Investors (FIIs) were net sellers in index futures last week but engaged in significant short-covering on Friday, balancing their long-short ratio.

Santosh Meena, head of research at Swastika Investmart, noted that while macro and micro cues are sparse this week, global economic data such as Japan’s inflation rates and the U.S. Federal Open Market Committee (FOMC) minutes will be key focuses. The uncertain geopolitical landscape remains a major risk.

Traders will also keep an eye on institutional flows and crude oil prices. Technically, the Nifty has broken out of its consolidation range between the 50-DMA and 20-DMA, closing above the 20-DMA. This breakout could lead to further bullish momentum, with the 24,800-25,000 range acting as resistance. Immediate support is around the 20-DMA at 24,477, with critical support in the 24,200-24,000 range.

The bank Nifty has established a base at the 100-DMA, but needs to clear the 50,800-51,200 supply zone to trigger a significant rally. The 50,000-49,800 zone is now a crucial support area.





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