Indian Stock Market Open on Gudi Padwa Despite Regional Celebrations

Despite the festivities around the festival of Gudi Padwa in Maharashtra, Goa, and various other regions in India, the BSE and NSE are set to continue trading activities on Tuesday, April 9. This decision was confirmed through the official list of holidays released by the two prominent stock exchanges.

While the currency derivatives segment will be observing a holiday in light of Gudi Padwa, the equity bourses will remain operational. This comes as a relief to investors who may have been uncertain about stock market closures amidst the regional celebrations.

Further down the line, the stock market is scheduled to be closed on Thursday, April 11, due to Id-Ul-Fitr (Ramzan Id) and again on April 17 for Ram Navami, marking additional trading holidays for the month.

Market analysts are advising caution to traders, warning against overly aggressive long positions at current levels. Rajesh Bhosale, a Technical Analyst at Angel One, identifies immediate support levels for the Nifty index at 22,500-22,450, emphasizing the need for strategic profit-taking.

Rupak De, a Senior Technical Analyst at LKP Securities, notes the Nifty’s resilience above the 22,500 mark during Monday’s session and its surpassing of the previous all-time high. However, De points out the index’s close proximity to the upper band of a rising wedge pattern, indicating potential short-term resistance.

Ashwin Ramani, a Derivatives & Technical Analyst at SAMCO Securities, highlighted shifts in options trading activity, with significant put writing at the 22,600-strike and changes in behavior at the 22,500 and 22,700-strikes that provide insights into Nifty’s intraday movements.