Fri Nov 15 15:31:10 IST 2024: ## Indian Stock Markets Close Lower, Guru Nanak Jayanti Holiday Impacts Trading

**Mumbai, India -** Indian stock markets experienced a sixth consecutive day of correction on November 14, with the Nifty ending below 23,550. The benchmark indices were impacted by selling pressure in FMCG, PSU Bank, and oil & gas sectors.

The Sensex closed down 110.64 points, or 0.14 percent, at 77,580.31, while the Nifty shed 26.35 points, or 0.11 percent, settling at 23,532.70. Over the week, both the BSE Sensex and Nifty declined by 2.5 percent each.

**Market Holidays:**

Trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be closed on November 15 in observance of Guru Nanak Jayanti. This closure affects trading in derivatives, equities, SLBs, currency derivatives, and interest rate derivatives. The commodity derivatives segment will also be closed in the morning session (9:00 a.m. to 5:00 p.m.) but will remain open in the evening (5:00 p.m. to 11:55 p.m.). Trading will resume on Monday, November 18.

Next week, the stock markets will observe another trading holiday on Wednesday, November 20, due to assembly elections in Maharashtra.

**Market Analysis:**

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, noted that the Nifty is trading around the 200-day moving average, indicating a crucial support level. He sees potential for a pullback as the hourly momentum indicator signals a positive crossover. However, he cautions that the overall trend remains weak and any pullback towards 23,700-23,750 should be used as a selling opportunity. Gedia expects further downside potential to 23,180, which aligns with the 61.82% Fibonacci retracement level.

The Bank Nifty also consolidated in a range following the sharp decline in the previous session. While this is considered a brief pause in the overall downtrend, Gedia anticipates the Bank Nifty will head south towards 49,700 (200 DMA). He expects the immediate hurdle zone from a short-term perspective to be between 50,560-50,700.

**Top Gainers and Losers:**

Among the top gainers on the Nifty were Eicher Motors, Hero MotoCorp, Reliance Industries, HDFC Life, and Kotak Mahindra Bank. The major losers included HUL, BPCL, Tata Consumer, Nestle, and Britannia.

**Indian Rupee:**

The Indian Rupee closed marginally lower at 84.40 per dollar on Thursday, compared to 84.38 on Wednesday.

**Disclaimer:** The views expressed in this article are for informational purposes only and should not be considered investment advice.

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