Tag: Muharram

  • Dalal Street Closed for Muharram: Key Support and Resistance Levels for Sensex, Nifty, and Bank Nifty Ahead of June 29 Trading

    Dalal Street Closed for Muharram: Key Support and Resistance Levels for Sensex, Nifty, and Bank Nifty Ahead of June 29 Trading

    The Indian stock markets are closed today in observance of Muharram, with no trading on the BSE and NSE across equity, equity derivatives, securities lending and borrowing (SLB), currency derivatives, and interest rate derivatives segments. The commodities markets will remain closed for the morning session (9:00 AM to 5:00 PM) but will operate as usual for the evening session (5:00 PM to 11:30 PM / 11:55 PM).

    On the last trading day before the holiday, the Sensex gained 109.25 points, or 0.14%, to close at 77,100.47, while the Nifty 50 rose 34.35 points, or 0.14%, to settle at 24,056. However, both indices gave up most of their intraday gains as investors booked profits late in the session. The rupee strengthened by 25 paise against the US dollar, closing at ₹94.40, compared to the previous close of ₹94.65.

    Sensex Outlook

    Technically, the Sensex formed a bearish candle with a long upper wick, indicating weak momentum after a strong opening. Immediate support is seen at 76,933; a break below this level could invite a deeper correction toward 76,000 in the short term. The 77,500 level will act as a crucial resistance, and a sustained break above this could push the index toward 78,000.

    Nifty 50 Outlook

    The Nifty 50 has immediate support at 23,950 for Monday. Positive weekend global cues and a resolution to the Iran-US situation could help the index hold above 24,000 at the open, targeting 24,200 as the first resistance. However, the monthly expiry of the Sensex on Monday could create cross-index volatility, particularly in the afternoon session, potentially pushing the Nifty below 24,000 temporarily even if broader predictions remain positive.

    Bank Nifty Outlook

    The Bank Nifty closed the week at 58,177.05, following a 1.68% surge on the previous Wednesday’s expiry and subsequent consolidation. Unlike the Sensex, the Bank Nifty has no direct expiry event on Monday. However, the Sensex monthly expiry on June 29, 2026, directly impacts HDFC Bank and ICICI Bank, which could create indirect volatility in the Bank Nifty. Support is at 57,900, with an upside target of 58,500 if global cues improve over the weekend.

    All eyes are now on the June 29 trading session as traders reposition after the holiday break.

  • Gold Dips Below $4,000 as Commodity Markets Close for Muharram Morning Session; Silver Nears $56

    Gold Dips Below $4,000 as Commodity Markets Close for Muharram Morning Session; Silver Nears $56

    The commodities market remained closed for the morning session on Friday due to Muharram, operating from 9:00 am to 5:00 pm. Evening trading resumed as usual from 5:00 pm to 11:30 pm/11:55 pm. Gold and silver prices continued to face downward pressure, extending a fourth consecutive weekly decline amid a stronger US dollar and expectations of higher US interest rates.

    According to the CME FedWatch Tool, traders now anticipate three rate hikes from the US Federal Reserve this year, with a 64% probability of a September increase. The robust dollar and hawkish Fed outlook weighed heavily on bullion, pushing spot gold below the $4,000 mark for the first time since November 2025. Spot gold fell 0.9% to $3,991.49 per ounce, while US gold futures for August delivery lost 1% to $4,007.30.

    Other precious metals also declined: spot silver dropped 3.2% to $56.01 per ounce, platinum lost 2.4% to $1,563.20, and palladium slid 1.6% to $1,165.93. Gold has fallen roughly 29% from its record high of $5,594.82 on January 29.

    Domestic Gold Prices in India

    In the domestic market, 24K gold rose by Rs. 27 to Rs. 1,41,600 per 10 grams, while 22K gold gained Rs. 25 to Rs. 1,29,800. City-wise prices were: Mumbai and Kolkata at Rs. 1,41,600, Delhi at Rs. 1,41,750, and Chennai at Rs. 1,43,340.

    Key Levels to Watch

    “The rapid repricing of the hawkish Fed created a strong bullish momentum in the US dollar, which eventually led to this significant downward drift in gold prices,” said Kelvin Wong, senior market analyst at OANDA. Renisha Chainani, Head of Research at Augmont, noted that the unwinding of yen carry trades, as USDJPY slides to a 40-year low on rising Japanese interest rates, is creating ripple-effect selling across safe-haven assets.

    Chainani explained that gold has broken below its key $4,000 support and dropped toward $3,950. A sustained breakdown could open the path toward $3,600, although oversold conditions leave room for a bottom-fishing or short-covering rally toward $4,100 and $4,165. She added that silver has also broken below the $60 level and slipped to $55.50, with the next support at $50 if bearish momentum continues.

    Meanwhile, Brent crude futures declined 1.77% to $73.93 a barrel, and US West Texas Intermediate (WTI) fell 1.86% to $70.58 per barrel.