Muhurta Trading: Diwali day market profitable 7 times in 10 years, will the boom continue?

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Ahmedabad. 24

India The festival of Diwali is being celebrated with great pomp today all over the world. This time on the occasion of Diwali there is great excitement in the country and people are shopping heavily. Although today is a holiday in the stock market, a special one-hour trading session will be held in the stock market in the form of muhurta trading.

Today Muhurat trade will be from 6.15 to 7.15 pm. It is believed that it is auspicious to make a deal in muhurta trade. Buying shares in muhurta trade brings prosperity. This is the reason why almost every investor buys shares on this day. For the last 4 consecutive years, the stock market has closed with gains on Muhurta days. Last year in 2021, Sensex and Nifty closed with gains of around 0.5 percent. This time too, investors are hopeful that the market will remain bullish.

How will the market move?

According to a report, on the daily timeframe, the Nifty has formed a spinning top candlestick pattern near the upper bellinger band. This index has a sign of directionality. Momentum indicator RSI is also seen above 55. It's also getting faster. There are signs of an uptrend in this index. The chart pattern and indicator setup suggest that Nifty may touch 17770 and then 17919 in short to medium term.

Invest wisely

According to the informed opinion, the investor sentiment in the market is positive and buying is going on in various sectors. Shopping during muhurta trading on Diwali is considered auspicious. This session is only for one hour, so new traders should be careful during this time.

The stock market is closing on a bullish note for the last 6 days. On the last business day on October 21, the Sensex closed at 59307 with a gain of over 100 points. Nifty also closed with gains at 17576 levels. Market experts say that there is good support for Nifty at 17500-17400.

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