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Indian stocks, money markets closed for public holiday

The stock market in Singapore is also shut for the day for Hari Raya Puasa.|
Jun 05, 2019, 08.22 AM IST
NEW DELHI: Domestic stock and money markets are shut on Wednesday on account of Eid-Ul-Fitr. Commodity exchanges would be closed in the morning session, but would resume trade in the evening.

The stock market in Singapore is also shut for the day for Hari Raya Puasa. Rest of the key global markets are trading as usual.

In overnight trade, stocks rebounded on Wall Street, as Fed Chair Jerome Powell said the central bank would act "as appropriate" to trade war risks, leaving the door open for a possible rate cut.

Back home on Dalal Street, investors chose to take some profit off the table on Tuesday, ahead of the public holiday and RBI policy review outcome on Thursday, The six-member MPC is widely expected to go for a 25 basis points rate cut.

For Tuesday, the BSE barometer Sensex declined 184 points, or 0.46 per cent, to settle at 40,084. Its NSE counterpart Nifty ended at 12,022, down 67 points or 0.55 per cent.

“The RBI policy on June 6 is going to be a big booster for the stock market. I expect RBI to cut rate by 25 basis points, change its policy stance to ‘accommodative’ and address the liquidity deficit, may be even go for a surplus liquidity framework from

‘neutral’," said Amar Ambani, President & Research Head, YES Securities.

Ambani said inflation is not of concern and economic growth needs support. "This will provide momentum to the market in coming days. I reiterate my Nifty target of 13000 in 2019. Post the Budget, we anticipate space for another 25-basis point rate cut," he said.

On technical charts, the 12,000-12,040 range will pose as a crucial support as per the principle of role reversal, said Gaurav Ratnaparkhi of Sharekhan.

"Nifty formed an Inside bar on Tuesday. The breakout level for the Inside bar on the upside is at 12,103. Once the pattern breaks out on the upside, 12,220 will be the subsequent level to watch out for. The wave structure indicates that the Nifty is going through an extension on the upside and by the time the structure unfolds completely, it can stretch till 12,580 in the short term. On the flip side, the swing low of 11,829 shall act as a major support for the index," Ratnaparkhi said.

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