Market holiday today: BSE, NSE to remain shut for Dr Baba Saheb Ambedkar Jayanti

The National Stock Exchange of India (NSE) and the BSE will remain shut on April 14 on account of Dr Baba Saheb Ambedkar Jayanti.

Wholesale commodity markets, including metal and bullion, will also remain closed. There will be no trading activity in the forex and commodity futures markets either.

On April 13, the S&P BSE Sensex was up 38.23 points or 0.06 percent at 60,431.00, and the Nifty was up 15.60 points or 0.09 percent at 17,828.

However, for the week, Sensex and Nifty rose 1 percent each.

“The benchmark indices maintained their winning streak, but the sharp intra-day gyration shows that the rally could be losing steam given the continuous upward movement over the past week or so. The market seems to be in an overbought zone and profit-taking could emerge in the next few sessions. Technically, the market is trading above 50 and 200-day SMA (Simple Moving Average) and on intraday charts it is holding a higher bottom formation which is largely positive,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

However, momentum indicators are indicating temporary overbought conditions and this may lead to range-bound activity in the near future. For the bulls now, 17,700-17,600 would be the key support areas while 17,900-18,000 would act as a crucial resistance zone for the traders, according to him.

“Positive sentiment is likely to continue in Bank Nifty, and for the trend following traders now 41,500 would be the sacrosanct support zone. Above which, it could move up till 42,500-42,700. On the flip side, below 41,500, the uptrend would be vulnerable,” he added.

Top gainers on the Nifty were IndusInd Bank, HDFC Life, Eicher Motors, Apollo Hospitals and Power Grid Corp, while losers included Infosys, HCL Technologies, Tech Mahindra, NTPC and TCS.

On the sectoral front, the IT index shed 2 percent, while capital goods, pharma and oil & gas indices down 0.5 percent each. On the other hand, PSU Bank and Realty indices rose 1 percent each.

The BSE smallcap index was up 0.33 percent and midcap index added 0.16 percent.

On April 13, the rupee ended 23 paise higher at 81.85 per dollar against Wednesday’s close of 82.08.