Stock Market Trade Setup for 06th October : Things to know

On 5th October, BSE Sensex surged 276.65 points to 38973.70 while the NSE Nifty50 jumped 86.40 points to 11503.35 and formed a bullish candle on the daily charts.Stock market rised high on buyback news from the IT major TCS and green shoots in the economy.Most action was seen in IT, metals, healthcare and Bank while profit-taking was seen in telecom, utilities, consumer durables, and energy space.

According to pivot charts, Pivot point for market is 11511.23. The key support levels for the Nifty are placed at 11444.42, followed by 11385.48. If the index moves up, the key resistance levels to watch out for are 11570.17 and 11636.98.

Day High - 11578.05      Day Low - 11452.30        Market Close - 11503.35

Pivot Point = (11503.35+11578.05+11452.30) = 11511.23

Support 1 = 2*11511.23-11578.05 = 11444.42

Support 2 = 11511.23- (11578.05-11452.30) = 11385.48

Resistance 1 = 2*11511.23-11452.30 = 11570.17

Resistance 2 = 11511.23+ (11578.05-11452.30) = 11636.98

NSE NIFTY50 CHART

BSE SENSEX CHART

Stocks in News :

• Reliance Industries has called off the proposed merger of his group's entertainment business with Sony Pictures Networks India.
• Tata Consultancy Services the country's largest information technology company, market capitalisation topped Rs10 lakh crore for the first time.
• Techno Electric & Engineering Company has completed the transfer of remaining shares, representing about 12.74% of outstanding shares held in Jhajjar KT Transco to India Grid Trust.
• JSW Steel indirect subsidiary Periama Holdings, LLC, is considering a number of financing options including conducting an international offering of U.S. dollar denominated senior notes in an aggregate principal amount of up to USD 1 billion, subject to receipt of regulatory approvals. The Notes would be guaranteed by the Company. The proceeds of the Issue will be used for repayment of part of the existing indebtedness owed to the Company including interest thereon and for general corporate purposes.
• Vodafone Group announced on 1st September 2020 that it had agreed to proceed with the merger of Indus Towers and Bharti Infratel and now approach the National Company Law Tribunal to make the merger scheme effective.
• Infosys has completed the acquisition of Czech Republic-based GuideVision, an enterprise service management consultancy specialised in offering strategic advisory, consulting, implementations, training and support on the Service Now platform.
• Steel Strips Wheels has received an order of nearly 3,200 wheels for the US truck trailer market. The export order is valued at $137 lakh and order will be executed from the company's Chennai plant.