The Indian equity market will remain closed on Wednesday (October 26) on account of Diwali Balipratipada. Equity market ended lower on Tuesday, snapping its seven-day winning streak amid weak Asian market cues and mixed trends from European stocks. Sensex declined 287.70 points to finish at 59,543.96. During the day, it hit a low of 59,489.02 and a high of 60,081.24. On similar lines, Nifty fell 74.40 points to close at 17,656.35.
On the outlook of the market, Rupak De, Senior Technical Analyst at LKP Securities said, “Over the short term, the trend is expected to remain strong. On the higher end, resistance is visible at 17,950. On the lower end, support is placed at 17,550/17,400.”
Indian bourses opened for an hour on October 24 to conduct the auspicious Muhurat trading session on the occasion of Diwali.
Sensex rose 524.51 points or 0.88 per cent to end at 59,831.66 and Nifty advanced 154.45 points, or 0.88 per cent, to finish at 17,730.75 on Monday.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Financials are again likely to lead the rally since credit growth in the economy is robust and continues to gain momentum. However, investors should be cautious since there are major challenges ahead, particularly rising interest rates and the unknown trajectory of the Ukraine war.”
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