Indian stock markets are closed on March 26, due to the celebration of Ram Navami across the country. In the previous trading session, Sensex and Nifty gained by nearly 2%, witnessing a strong buying momentum on hopes of peace talks between US, Israel and Iran.
The stock market will resume its trading on March 27. However, the global market is open today.
Stock Market Holiday On March 26:
As per the BSE and NSE trading list, trading will be closed on March 26th for the celebration of Ram Navami. While the market will also be closed on March 28th and March 29th for the Saturday and Sunday weekend holiday.
During these holidays, trading will not be available in equity, equity derivatives, commodities, forex, SLB segment and other market related instruments. However, trading at MCX will be closed only for half a day and resume its evening trading pattern. Apart from this, on these special occasions, there is also settlement holiday.
Mutual Fund Market Holiday:
Because of the March 26th holiday, mutual fund transactions and redemptions submitted on Thursday will be processed on March 27th. Also, as per JM Financial pointed out that if your SIP date falls on 26th March, units will be allotted at the next applicable NAV on the next business day.
MCX Holiday On March 26:
The commodity market will be closed for a half day. JM pointed out that MCX evening session is open. Monitor global commodity prices during the daytime closure as international markets will continue trading.
Ram Navami, the day when Lord Rama appeared in his human and divine form, is celebrated with great reverence and festivities all over India, but especially in the sacred city of Ayodhya in Uttar Pradesh. Leading up to Ram Navami, Hindus observe the 9-day fast during the Chaitra Navaratri, as per Utsav website.
Sensex, Nifty Performance:
Yesterday, Sensex closed at 75,273.45, higher by 1,205 points or 1.63%. While Nifty 50 rose by 394.05 points or 1.72% to end at 23,306.45.
Talking about market performance, Vinod Nair, Head of Research, Geojit Investments, said, “Markets continued to build on the previous day’s momentum as global risk sentiment improved, with hopes of peace emerging on the radar. Potential diplomatic progress between the US and Iran-despite mixed geopolitical commentary-led to easing crude oil prices below $100, which was welcomed by the market. Early signs of normalisation in maritime movement through the Strait of Hormuz are likely to further support investor confidence, although it may be early to comment. The domestic rally was broad-based, supported by value-driven buying across sectors. India’s valuation premium, which had remained elevated for some time, has corrected to more reasonable levels, offering investors greater comfort at current market levels.”
Stock Market Outlook For March 27:
For the upcoming session, Ajit Mishra – SVP, Research, Religare Broking said, investor sentiment improved significantly amid reports that discussions between the US and Iran could begin for negotiations, which helped cool crude oil prices below the $100 mark. However, despite the rebound, the volatility index, India VIX, remained elevated, indicating continued caution amid persistent FII outflows and weakness in the rupee.
He added, “On the index front, the rebound is gradually gaining traction and is likely to extend towards the 23,600-23,800 zone, while the 22,600-23,000 band is expected to act as an immediate support area on any dip. Amid the current environment, participants are advised to avoid aggressive positioning and remain selective, with a preference for stocks that are consistently outperforming within their respective sectors.”
Nifty Target Ahead:
As per Rupak De, Senior Technical Analyst at LKP Securities, Nifty witnessed another day of meaningful recovery as the Middle East conflict eased. On the higher end, it found initial resistance at the previous congestion zone. The RSI on the daily chart is in a bullish crossover with a positive divergence. In the short term, the trend may remain positive as long as it stays above 23,000, where immediate crucial support is placed. On the higher end, a decisive move above 23,500 may trigger the next leg of the rally, which could extend towards 24,000/24,500. However, failure to reclaim 23,500 might attract the bears again in the market.
Sensex Target Ahead:
From a technical standpoint, Hitesh Tailor, Technical Research Analyst at Choice Equity Broking said, the index continues to exhibit an improving price structure with formation of higher highs and higher lows, suggesting strengthening short-term momentum and a gradual recovery from the recent corrective phase. Key technical levels indicate that the support is placed in the 74,500-74,700 zone, which is expected to act as a demand area on declines, while resistance is seen around 75,800-76,000, where upside may face supply and profit-booking pressure.
Market Bias: The analyst added that the near-term outlook remains cautiously positive, with underlying strength intact; however, a sustained move above resistance is crucial for continuation of the uptrend, while any pullback towards support is likely to attract buying interest.