Sometime ago, I made two versions of palm bit holders.
The first one was made with a magnetic bit holder and a leftover piece of cedar (red arrow in the first image):
The second one was made with a 1/4” socket bit and a piece of apple wood.
These palm bit holders are useful when there is limited access for conventional screwdrivers or wrenches. Of course, there are commercial items, and some of them include ratcheting mechanism (https://www.google.com.mx/search?q=1...alm+bit+holder)