Muhurat Trading Strategy for Diwali 2024: Insights from Kapil Shah of Emkay Global
Muhurat Trading: Key Insights
Muhurat trading during Diwali 2024 is projected to influence the market extensively. Key factors include the upcoming Union Elections, the Union Budget, and fluctuations in crude oil prices which could affect overall inflows. During the previous Samvat 2080, the Nifty 50 reached historic highs, such as 26,216 on September 26, 2024. However, indicators show a downward trend in October, with a 7% fall, warranting careful assessment from investors and traders.
Market Analysis by Kapil Shah
Kapil Shah, a Technical Analyst at Emkay Global, emphasizes the significance of being cautious this festive season. He advises traders to watch for opportunities to secure profits during upswings. His analysis covers:
- Nifty 50 Up Trend Time Cycle: Historically, Nifty 50 has followed significant uptrends, currently indicating maturity.
- Bearish Engulfing Candle: Recent formations imply potential for selling pressure this November.
- Spiky M Pattern: This suggests volatility may persist in the upcoming months.
In light of these factors, traders are encouraged to remain vigilant and adjust their strategies accordingly.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.