The country’s pioneer stock exchanges, BSE and also the National stock market (NSE), are shut on Tuesday on account of Maharashtra Day.
As a result, there’ll be no trading within the equity market. All wholesale commodity markets, together with those of metals and bullion, can stay closed likewise. The foreign exchange and commodity futures markets will not conduct any kind of trading.
Benchmark indices on Monday closed at three-month high levels, driven by gains in technology and FMCG stocks, and also the HDFC twins.
Liberalisation of norms for external business borrowing by the RBI, correction in crude oil costs and positive international cues additionally boosted sentiment.
The 50-share NSE nifty concluded higher than ten,700 for the primary time since February 2, rising 47.10 points to 10,739.40.
The index rallied 6.2 percent in April, following a correction of over 8 % within the last 2 months.
On the technical charts, the nifty created a powerful bull candle. Formation of a robust bullish candle suggests that the momentum is powerful and there’s the next chance currently for the index to hit levels nearer to 10,900, specialists recommended.
The index has been forming higher highs and better lows on the daily scale over the last 3 trading sessions, that indicates that supports are step by step shifting higher.
However, as a result of relentless strength displayed by the bulls within the last five weeks a disruption or minor correction can’t be dominated out going forward. Traders ought to keep a stop below 10,600 for all long positions, specialists reckoned.