Trade Setup for Muhurat Day of Samvat 2081: Top 15 Things to Know Before the Opening Bell
As Samvat 2081 kicks off with Diwali’s Muhurat trading session, market experts have highlighted key levels and potential trade setups for the Nifty 50 index. With volatility expected, investors may want to take note of the technical indicators and trends to optimize their strategies.
Nifty 50 Analysis
The Nifty 50 index is trading below all significant short- to medium-term moving averages. This technical indicator signals caution, as breaking below these averages can indicate a weakening trend. Analysts have identified immediate support at 24,100; if Nifty breaks this level, it could dip further toward 23,900. Conversely, an upward push may face resistance around 24,500, a level seen as a crucial hurdle for any bullish moves.
Key Levels to Watch
Support Level: 24,100
Resistance Level: 24,500
Downside Target: 23,900
Muhurat Trading: What It Means
Muhurat trading is a symbolic ritual marking the beginning of the new financial year in Samvat 2081. Traditionally observed by Indian traders on Diwali, this session is believed to bring prosperity. Despite its short duration, the trading volume can be significant as investors consider it an auspicious time to make new investments.
Trends Impacting the Market
This Muhurat trading session is set against the backdrop of a broader market cautiousness due to global and domestic factors:
Bank Nifty Outlook: Bank Nifty’s position will also be a focal point, especially for traders engaged in futures and options, as banking stocks often influence overall market sentiment.
Investor Sentiment: As the market sits on the edge of crucial technical levels, investor sentiment may pivot around movements within the support and resistance bounds.
Cautionary Note for Investors
An advisory from Moneycontrol warns investors against unauthorized financial solicitations. The website urges anyone approached with promises of assured returns or investment plans falsely attributed to Moneycontrol to report such incidents.
Closing Thoughts
Muhurat trading day provides a unique opportunity for investors to align their strategies with the auspicious start of Samvat 2081. Investors may want to exercise caution around the Nifty 50’s key levels, keep an eye on Bank Nifty, and approach the market with a well-defined strategy.
Reference from :- https://www.moneycontrol.com/news/business/markets/trade-setup-for-muhurat-day-of-samvat-2081-top-15-things-to-know-before-the-opening-bell-12856345.html