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The country’s pioneer stock exchanges, BSE and the National Stock Exchange (NSE) are shut on Wednesday on account of Bakri Id.

As a result, there will be no trading in the equity market. Along with it, all wholesale commodity markets, including those of metals and bullion, are closed.

The forex and commodity futures markets will also not conduct any kind of trading.

It is a truncated week for the market, with benchmark indices hitting a fresh record earlier this week. The Nifty managed to clock 11,550. Banks were the big drivers of the rally on Monday.

Going forward, investors will watch out for global cues such as US-China trade talks along with commentary emerging from Jackson Hole Symposium in the US.

The Nifty on Tuesday hit a fresh intraday record high in early trade but immediately cooled off to remain in a range of 42 points for rest of the session before ending the day at record closing high of 11,570.90, a gain of 19.10 points.

The index formed bearish candle on an intraday basis on daily candlestick charts as closing value is lower than the opening. The pattern formed by Nifty looks like Hanging Man as well as Dragonfly Doji kind of pattern on the daily charts.

A Hanging Man is a bearish reversal candlestick pattern which is usually formed at the end of an uptrend or at the top. In a perfect 'Hanging Man' pattern either there will be a small upper shadow or no upper shadow at all, a small body and long lower shadow.

A Dragonfly Doji is formed when the opening price is almost equal to the closing price which occurs usually at the high point of the day. This pattern is also seen as a trend reversal pattern.

On the global front, the US markets closed higher on Tuesday with the S&P 500 hitting an all-time high intraday as investors hope that the strengthening economy and corporate profits seen under President Donald Trump's first two years may continue going forward, despite trade war concerns.

The Dow Jones Industrial Average ended 63.60 points higher at 25,822.29 while the S&P 500 index was up 5.91 points at 2,862.96 and Nasdaq Composite rose 38.17 points to 7,859.17.

Asian markets were mixed on Wednesday amid political developments in the US.

Oil prices rose following the decline in US crude inventories and likely shortfall of Iranian oil from November due to US sanctions. Brent crude futures gained 0.3 percent at $72.85 per barrel at 9:22 hours IST.

News Source: Money Control