According to the BSE, the equity segment, derivative segment, and the SLB segment will be closed tomorrow. Further, the multi commodity exchange will also be closed for the morning session and trading will resume at 5 pm on March 30 for the evening session.
Since it’s also a settlement holiday, the commodity account balance on May 1 will not include the credits from profits (realized and marked to market) from trades or positions in commodity derivatives and also credits from exiting option positions on April 28.
In the entire calendar year, the markets have 15 annual holidays in 2023, two more than last year.
Benchmark indices have reversed the trend last week by gaining over 2% and analysts expect the interim rally to continue going forward as investors track fourth quarter results and global trends.
ICICI Direct said the current rally from March lows is now the largest in terms of magnitude in five months and consequently, the index has logged a breakout from four month’s falling channel, indicating resumption of uptrend.
Historically, May has been a turbulent month, half of the time over the past two decades. However, data shows that investing in May has produced an average double digit return 83% of the times by calendar year end.Next week would be crucial as US Fed and ECB policy meetings are lined up. The Fed is expected to hike its policy rates by another 25 bps.
Apart from this, PMI data from US, China and India would also be keenly eyed.
“Overall, the positive outlook remains intact and a close above 18100 shall lead to a further upside till 18370 where resistance in the form of the weekly upper Bollinger band is placed,” said Jatin Gedia, Technical Research Analyst, Sharekhan.
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