Dont miss action in these three stocks during Muhurat trading session!
BSE and NSE will commence an hour special Muhurat trading session on the eve of Diwali i.e. October 24, 2022, marking the beginning of a new ‘Samvat 2079’- the Hindu calendar year that starts on Diwali.
India’s leading stock exchanges - BSE and NSE will commence an hour special Muhurat trading session on the eve of Diwali i.e. October 24, 2022, marking the beginning of a new ‘Samvat 2079’- the Hindu calendar year that starts on Diwali.
The market would be fully-functional and operational between 6.15 pm and 7.15 pm. The Muhurat trading session is quite significant for traders and investors. Some investors make token purchases on this auspicious day, as it is believed that Muhurat trading brings in wealth and prosperity throughout the year.
This practice was started back in the year 1957 on Bombay Stock Exchange, where BSE reserves an hour on Diwali for stock trading. National Stock Exchange (NSE) followed suit and permitted Muhurat trading in 1992.
Considering the resilience shown by the Indian market, Samvat 2079 is believed to be one of the most interesting years of the market. Having said that, here are the top three stocks that one should keep on the radar for the Muhurat trading session:
ICICI Bank: On Friday, Nifty Bank jumped over 1.5 per cent and was the second-best performing sector among the sectoral indices. Though the stock of Axis Bank was an outlier as it outperformed the market as well as the banking sector by a wide margin, the technical set-up of ICICI Bank looks promising and the stock recorded the highest-ever single-day volume since August 11, 2022. Interestingly, the stock closed at the day’s high while in the last leg of the trade, decent buying was seen in the stock. Also, the company is set to announce its result on October 22, 2022. Hence, keep a close eye on this stock!
ELGI Equipments: On Friday, the stock jumped over 10 per cent and closed around Rs 499. The stock had formed a bullish Marubozu candlestick pattern, which implies that the price opened at the lowest point and closed at the highest point of the day. This happened because buyers were in control of the price for the entire day. Furthermore, this bullish candlestick pattern was formed on the back of robust volume as volume for the day was about 2.5 times greater than its 10-day average volume. Hence, watch out for this stock!
Finolex Cables: On Friday, the stock broke out of a two-month-long consolidation. It logged gains of double-digit and became one of the most bullish candles witnessed in recent times. Interestingly, the breakout was seen on the back of robust volume as volume for the day was nearly nine times greater than its 50-day average volume. Do watch out for this stock on Muhurat trading session!
Which stocks are on your radar for the Muhurat trading session? Let us know in the comments section!