Stock Market Trade Setup for October 12 : Things to know

On October 9, BSE Sensex surged 326.82 points to 40,509.49 while the NSE Nifty50 jumped 79.60 points to 11,914.20 and formed a bullish candle on the daily charts. Stock market rallied for the Seventh consecutive day. We saw rally in market because of IT companies with earnings and RBI/government with stimulus surprise. BSE Sensex jumped 4.6 percent and Nifty50 was up 4.3 percent for the week ended. 

According to pivot charts, Pivot point for market is 11,886. The key support levels for the Nifty are placed at 11,833.40, followed by 11,752.60. If the index moves up, the key resistance levels to watch out for are 11,966.80 and 12,019.40.

Day High - 11,938.60      Day Low - 11,805.20        Market Close - 11,914.20

Pivot Point = (11914.20+11938.60+11805.20) = 11886

Support 1 = 2*11886-11938.60 = 11833.40

Support 2 = 11886- (11938.60-11805.20) = 11752.60

Resistance 1 = 2*11886-11805.20 = 11966.80

Resistance 2 = 11886+ (11938.60-11805.20) = 12019.40

NSE NIFTY CHART

BSE SENSEX CHART

Stocks in News :

• RBI has appealed to supreme court to let banks classify loans as nonperforming, saying a ban imposed to help borrowers in the COVID-19 pandemic could greatly harm the nation's financial system.
• Garware Polyester announced that CARE Ratings has reaffirmed the credit rating of Garware Polyester as CARE A and upgraded the outlook to positive from stable.
• Indian Railway Catering & Tourism Corporation announced that Prof. Sachin Chaturvedi, who was appointed as an Independent Director on the Board, ceased to be a Director of the Company upon completion of his tenure of three years on October 9, 2020.
• The Board of Morepen Laboratories has approved the allotment of up to 16.85 crore fully convertible warrants to the entities belonging to Promoter Group of the Company, at a price of Rs. 25 per warrant aggregating up to Rs 421.25 crore.
• Manappuram Finance has approved the issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures of face value of Rs.10 lakh each with an option to retain over subscription upto Rs 190 crore aggregating to Rs 200 crore on private placement basis.
• Reliance Retail Ventures received the subscription amount of Rs 1,875 crore from SLP Rainbow Holdings Pte. Ltd. and SLP Rainbow Co-Invest (DE), L.P. (Silver Lake Co-investors) and allotted in the aggregate 27,482,594 equity shares to Silver Lake Co-investors.
• Karnataka Bank has reported to the Reserve Bank of India a fraud amounting to Rs 107.99 crore in the credit facilities extended earlier to Sintex Industries, on account of diversion of funds.
• Edelweiss Financial Services announced that CARE Ratings has reaffirmed the credit rating of CARE A1+ assigned to Commercial Paper programme of Rs. 6,350 crore of the Company.
• Vedanta Limited announced that its delisting offer had failed due to the requisite number of shares not being offered by shareholders.