Stock market trading shut today for Republic Day holiday

NSE, BSE will stay closed on January 26 as a consequence of nationwide holiday for Republic Day.

Apart from the fairness section, fairness spinoff section and SLB section, it’s a trading holiday for even forex derivatives segments and commodity derivatives section and digital gold receipts (EGR) section.

On January 25, Nifty ended at 17,891.95 down 1.25%, or 226 factors, whereas Sensex closed at 60,205, decrease by 773.69 factors, or 1.27%. High volatility, month-to-month expiry and Hindenburg revelations despatched jitters amongst buyers.

Except a handful of shares resembling HUL, ITC and NTPC, all different shares on Sensex closed within the crimson. SBI, IndusInd Bank, HDFC Bank and Axis Bank have been the highest losers. On the opposite hand, HUL, Maruti and Tata Steel have been the highest gainers on Sensex.

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“Nifty was trending within the vary for the entire January sequence from 18,200 to 17,800 ranges. On the month-to-month expiry day, Nifty slumped in a terrifying session and ended manner beneath psychological 18,000 mark to shut the sequence at 17,892. The degree of 17,800, which is the 50% retracement assist of latest up transfer continues to be intact and appearing as an anchor level for the index,” said Rohan Patil, Technical Analyst, SAMCO Securities.

“The benchmark Index in January expiry has made a couple of attempts to breach 17,800 – 17,780 levels but was not successful as prices were continuously finding support near that zone. Nifty on the weekly chart is placed between a broader high-low range of 18,200 -17,800 levels from the past 5 weeks. Furthermore, the price is also trapped between the 9 & 21 EMA bands which suggest a break on either side will decide further directional move in the index,” he added.

Meanwhile, Indian forex strengthened today after 2 weak classes to shut at 81.48 in opposition to the US greenback.

“Indian rupee strengthens, bucking the earlier two days’ underperformance, on inflows from inexperienced bond issuance and the anchor e book of Adani’s FPO oversubscribed. However, the risk-averse sentiments and stronger greenback have put a restrict on the rupee’s achieve,” said Dilip Parmar, Research Analyst, HDFC Securities.

“In the near-term, spot USD/INR is expected to hover around 81.50 as most of the month-end dollar demands are met. The short-term traders should eye 81.80 for further short-covering bounce while breaking 81.20 push the pair towards 80.90,” stated Parmar.

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