Stock Market Trade setup for 22nd September : Things to know

Today, BSE Sensex corrected 811.68 points to close at 38034.14 while NSE Nifty fell 254.40 points to 11250.55 formed a bearish candle on the daily charts.Reasons for market down are increasing cases of COVID-19, High valuation of market, profit booking and weak global cues.

According to pivot charts, Pivot point for market is 11334.77. The key support levels for the Nifty are placed at 11134.29, followed by 11018.02. If the index moves up, the key resistance levels to watch out for are 11451.04 and 11651.52.

Day High - 11535.25     Day Low - 11218.50       Market Close - 11250.55

Pivot Point = (11250.55+11535.25+11218.50) = 11334.77

Support 1 = 2*11334.77-11535.25 = 11134.29

Support 2 = 11334.77- (11535.25-11218.50) = 11018.02

Resistance 1 = 2*11334.77-11218.50 = 11451.04

Resistance 2 = 11334.77 + (11535.25-11218.50) = 11651.52

NSE NIFTY CHART

BSE SENSEX CHART

Stocks in News :

• Malaysia state-run oil and gas company, Petroliam Nasional Bhd or Petronas is looking to acquire around 10% stake in Tata Power Renewable Energy Ltd.
• US-based automobile distributor, is proposing to invest $258mn into the troubled Korean carmaker SsangYong Motor Co to acquire Mahindra & Mahindra (M&M) significant stake in the company.
• Shree Renuka Sugars has allotted 211670481 Equity Shares of Re. 1/- per share, for cash at a price of Rs. 8.74 per share aggregating to Rs. 1850000004 on preferential basis to the company Promoter, Wilmar Sugar Holdings.
• Tata Consultancy Services has won two Gold and one Sliver award for Talent Management and Excellence in Learning at the 2020 Brandon Hall Group Awards.
• The Board of Canara Bank will meet on 25 Sep, 2020 to consider the raising of capital through qualified institutional placement.
• SBI Life Insurance inks pact with Yes Bank to sell insurance policies.