Stock market closed today: Check Muhurat Trading timing, key levels and market outlook

Stock market open or closed? In observance of Diwali, trading on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will be closed today. The closure affects the Equity Segment, Equity Derivative Segment, and Securities Lending and Borrowing (SLB) Segment. Currency Derivatives trading is also on hold. However, a special Muhurat Trading session will occur today from 6:00 PM to 7:00 pm.

In the Commodity Derivatives Segment and Electronic Gold Receipts (EGR) Segment, morning trading is suspended from 9:00 AM to 5:00 PM. Trading resumes at 5:00 PM for the evening session, affecting activity on the Multi Commodity Exchange (MCX) and National Commodity Exchange (NCDEX).

This week is a truncated one for trading, with today’s holiday marking the first of two in November. The next market closure will be on November 15 for Guru Nanak Jayanti. The final holiday of 2024 falls on December 25 for Christmas.

Trade setup for November 1

Indian markets closed lower for the second consecutive session on Thursday, influenced by weak global sentiment. The Nifty 50 fell 135 points, closing at 24,205, while the Sensex dropped 553 points to 79,389. The Nifty Bank also saw a decline, finishing 251 points down at 51,555. Despite these losses, the small-cap index rose 1.6%, with an advance-decline ratio of 1.82:1, indicating positive momentum in smaller stocks.

Looking ahead to Muhurat Trading, analysts have identified resistance for the Nifty 50 at 24,300-24,400. Shrikant Chouhan from Kotak Securities noted, “If Nifty trades above 24,200, we could see a technical bounce to 24,300 or higher.” However, if it dips below 24,200, the index could test levels between 24,100 and 24,050.

Hrishikesh Yedve from Asit C. Mehta Investment Intermediates added, “Nifty’s recent red candle on the daily chart indicates weakness, with consolidation between 24,000 and 24,500. A breakout could set the next trend.”

For Bank Nifty, immediate support lies at 51,000-51,150, with resistance near 52,580.

Foreign investors have remained net sellers for 24 straight sessions, offloading stocks worth Rs 1.25 lakh crore. Domestic investors, however, continued as net buyers for the 28th session. On Thursday, Foreign Portfolio Investors (FPIs) sold Rs 5,813.3 crore, while Domestic Institutional Investors (DIIs) bought Rs 3,514.6 crore.

The Indian rupee stabilized against the US dollar, closing at 84.0837 after touching a record low of 84.1. Central bank intervention, with public sector banks selling dollars on behalf of the Reserve Bank of India, helped support the currency.