Markets closed on account of Guru Nanak Jayanti
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Trading segments including Indian equity, forex, money and commodity markets are shut today on account of Guru Nanak Jayanti, which commemorates the birth of the founder of the Sikh faith.
On Tuesday, markets ended lower for the second straight session as investors turned cautious ahead of the expiry of November derivative contracts.
Further, traders are keenly awaiting the proceedings of Parliament as monsoon session was a complete washout and key legislative bills such as Goods and Services Tax (GST) did not see the light of the day.
The 30-share Sensex ended down 44 points at 25,776 levels and the 50-share Nifty ended 18 points lower at 7,832.
However, the broader markets outperformed the benchmark indices, the BSE Midcap and Smallcap indices ended marginally up by 0.1-0.3% each.
“After correcting sharply from 8,340 levels, Nifty tested the levels of 7,700 in single downswing. From past few days, nifty is consolidating in the range of 7,700-7,900 levels with negative bias. Considering all, Nifty is likely to form “Head and Shoulder” pattern on daily charts, which is bearish in nature,” said Mudit Goyal, Technical Analyst, SMC Global Securities.
“He further said, “Although we don’t have the neckline breakdown of same but its consolidation indicates that there will be a major downside from current levels. So any breakdown of 7,700 levels can open the door for further downside by 7,540 levels. On the higher side, any breakout of 7,950 can give the decent upside upto 8,100 levels.”
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Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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