The Indian stock market rallied over the past week, with benchmark indices adding significant value to investors' portfolios. The Sensex surged 6,569 points in the preceding week, while the Nifty climbed around 9%, taking the combined market capitalization of BSE-listed companies to more than Rs. 500 lakh crore.

The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain closed on Tuesday, November 10, on account of Diwali-Balipratipada.

Settlement Holiday

The settlement of trades placed on November 9 will be affected by the November 10 settlement holiday.  Both CDSL and NSDL will be closed on Wednesday.

NSDL and CDSL are India's two SEBI-regulated depositories that securely hold your shares in electronic form. They are organizations that hold securities like shares, bonds, and mutual fund units in electronic (demat) form.

Why is the Stock Market Closed Today? 

The NSE and BSE are closed on November 10 on account of Diwali-Balipratipada, it is celebrated on the fourth day of Diwali in several parts of India. The festival marks the return of Asura king Bali to Earth and also signifies the start of the lunar fortnight.

Equity trading will be closed today, while the Multi-Commodity Exchange of India (MCX) will stop trading during its morning session, from 9 am to 5 pm, but will resume for the evening session, from 5 pm to 11:30 pm.

What to Expect When the Market Reopens?

Immediate resistance for Nifty 50 can be seen at 25,250, while support is placed near the 24,800 level. Nifty has seen a strong up move of more than 2,600 points in the last 10 sessions. Hence, some consolidation cannot be ruled out at higher levels. 

"The short-term support in Nifty is revised higher towards 23,800 levels, being the confluence of the 200-day EMA and the previous week's breakout area; holding above the same will keep the overall bias positive and dips should be used as a buying opportunity," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

Bank Nifty outperformed the broader market on Monday, gaining 890.60 points or 1.51% to close at 59,741.25. The index formed a strong bullish candle after breaking above the 59,600 level. Its immediate support is placed at 59,300-59,400, while resistance is seen at 60,100-60,200.

The 30-share BSE Sensex climbed 107.25 points, or 0.13%, to settle at 81,106.65. During the day, it advanced 340.01 points, or 0.41%, to 81,339.41.

Immediate resistance for Sensex can be seen around the 81,450- 81,800 zone, while support is visible near 80,900-80-800.