access_token life time

How long access_token will be valid after the successful login? Shall I use same token for every day or it will be valid only for particular session?

If token is valid only for particular session,
1. what is the time period of session?
2. If frequent requests are pushed to API for every particular interval, will access_token alive at least for whole trading day(Means 9:00 AM to 3:30 PM)?
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