The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will be closed on Wednesday, November 20, as Maharashtra voters head to the polls. Trading across segments—equities, derivatives, SLBs, currency, and interest rate derivatives—will be shut for the day, halting all major market activity.
The closure extends to the commodity derivatives and electronic gold receipts (EGR) segments during the morning session (9:00 a.m. to 5:00 p.m.), though these segments will reopen for evening trading from 5:00 p.m. to 11:55 p.m. Elections will be held in a single phase for Maharashtra’s 288-seat assembly, with vote counting set for November 23.
Indian equity markets have recently shown signs of recovery, breaking a seven-day losing streak as of Tuesday’s close, with the Sensex up 239 points at 77,578.38 and the Nifty climbing to 23,518. Auto, realty, and media sectors led the gains, while metal and PSU Bank stocks underperformed. Trading on the BSE and NSE will resume Thursday, November 21, following the election break.
Nifty index closed on a positive note at 23,519, though volatility spiked with the India VIX rising 3.26% to 15.66, signaling increased market uncertainty.
Technically, Nifty formed a doji candle on the daily chart, highlighting investor hesitation. Key resistance levels are set around 23,780–23,800, while short-term support lies near 23,300, around the 50-weekly simple moving average. Hrishikesh Yedve of Asit C Mehta noted that the overall short-term trend remains bearish unless the index moves above the 23,800 mark.
Analysts are mixed on the outlook. Jatin Gedia from Sharekhan suggests that Nifty may head lower if it fails to hold above the 40-hour average of 23,733, with a potential downside target of 23,180. Conversely, Rupak De of LKP Securities sees bullish potential if Nifty sustains above 23,500, which could drive it toward 23,700–23,800. Traders are expected to watch the 23,200–23,800 range closely as geopolitical tensions add further volatility.