The BSE and NSE stock exchanges will conduct their one-hour Muhurat trading for Diwali on Monday, October 24, 2022. The BSE and NSE said that trading would start in different sectors at 6:15 p.m. and would end an hour later at 7:15 p.m. The block deal session of the share market will take place from 5:45 p.m. to 6 p.m., while the pre-open session will begin at 6:00 and last until 6:08 p.m. Samvat 2079, the new Hindu year, which begins on Diwali, would be marked by the muhurat trading.
Indians hold a very special place in their hearts for Diwali. It’s believed that the festival of lights will bring wealth and luck to our homes. According to custom, on the evening of Diwali, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are open for one hour so that people can purchase equities in honour of the holiday. Because the trading session would be shorter and the volume would be higher, markets are thought to be unpredictable.
Rahul Sharma, Director, Head-Technical & Derivative Research at JM Financial Services, provided a list of shares of Axis Bank, Bajaj Finance, and HDFC Bank that one can consider during Diwali Muhurat Trading on Monday.
Anuj Gupta, Vice President—Research at IIFL Securities, was asked about his picks for the best Diwali stocks to buy during the 2022 Muhurat Trading session. He suggested Federal Bank, IDFC First Bank, and SBI stocks to investors looking to purchase banking stocks during the Monday Diwali Muhurat Trading. By the time of Diwali the following year, he predicted that the share prices of IDFC First Bank and Federal Bank would each increase to levels of 100 and 230, respectively.
India has weathered all the global storms, including macroeconomics, inflation, interest rates, currency, and geopolitics, and has come out on top. While most global markets are down 20–30%, Nifty has maintained its position despite extreme volatility, losing only 1% since the previous Diwali until October 20. India’s economy, which is mostly driven by domestic consumption, appears to be doing better than the developed world, which is experiencing problems with high inflation and poor growth.
According to IMF predictions, it will expand at the quickest rate in the world or 6.8%. Secondly, the achievement of excellent corporate earnings growth of 24% CAGR during the fiscal years 2020–2022 is another factor that contributed to India’s outperformance.
Diwali is regarded as the best time to begin any new investment. The majority of buying orders across categories reflect the generally favorable market attitude. Trading during this session is supposed to benefit investors throughout the year, as per Puneet Maheswari, Director at Upstox.
Markets are considered to be erratic because the trading window is only open for an hour. New traders should therefore use caution. He also added that the emphasis might not be as much on revenue as it might be on the gesture.
During the same time period, trading would occur in a variety of segments, including stock, commodities derivatives, currency derivatives, equity futures and options, and securities lending and borrowing (SLB).
Global markets, particularly Dalal Street, are trading erratically, according to Sanjiv Bhasin, Director at IIFL Securities, as the dollar index has benefited from the resignation of the UK prime minister. However, because the stock markets in China and Hong Kong are oversold, the IIFL Securities expert anticipated a rebound.
Speaking about Nifty’s technical outlook, Sanjiv Bhasin also stated that around 17350 is where Nifty is anticipated to find support. Resistance is most likely to come from 17650. And around 39800 is where Bank Nifty is likely to find support. He also added that on the upside, 40700 is likely to serve as resistance.
