Stock Market Trade Setup for October 14 : Things to know

On October 13, BSE Sensex surged 31.71 points to 40,625.51 while the NSE Nifty50 jumped 3.55 points to 11,934.50. Stock Market recover losses from morning position and closed in the green towards the close of the trade. Most action was seen in Energy, IT, power, and metal stocks while profit-taking was visible in healthcare, consumer durables, and finance stocks.

According to pivot charts, Pivot point for market is 11,937.20. The key support levels for the Nifty is placed at 11,886.20, followed by 11,837.90. If the index moves up, the key resistance levels to watch out for are 11,985.50 and 12,036.50

Day High - 11,988.20      Day Low - 11,888.90       Market Close - 11,934.50

Pivot Point = (11,934.50+11,988.20+11,888.90) = 11937.20

Support 1 = 2*11937.20-11,988.20 = 11886.20

Support 2 = 11937.20- (11,988.20-11,888.90) = 11837.90

Resistance 1 = 2*11937.20-11,888.90 = 11985.50

Resistance 2 = 11937.20+ (11,988.20-11,888.90) = 12036.50

NSE NIFTY CHART

BSE SENSEX CHART

Stocks in News :

• Karnataka Bank reported total revenues almost at the same levels but its overall performance in terms of top line and in terms of operating profit and net profit were sharply lower.
• Wipro announced buy back shares of Rs 9500cr. Wipro will buy 4.16% of the total paid up equity shares or 237.5 mn shares at Rs 400 per share.
• Tata Consultancy Services has been recognized as a Leader in the NelsonHall NEAT for Customer Experience (CX) Services in Telecom and Media.
• Financial services giant, Bajaj Finserv, could be the latest business house to start a mutual fund (MF) business. The status of MF applications disclosed by the Securities and Exchange Board of India (SEBI) shows that Bajaj Finserv had applied for an MF license on September 28, 2020. Recently, NJ India Invest and Samco Securities had received in-principle approval from the market regulator for starting the MF business.
• Hindustan Composites has received reaffirmation in credit ratings from Acuite Ratings & Research as under: Long term instruments (fund based facilities) - Acuite A-/Stable, Short term instruments (non-fund based facilities) - Acuite A2+
• HCL Technologies has won Proactive Customer Service 2020 Microsoft Partner of the Year Award.
• SRF fixes a floor price of Rs 4168.73 per equity share for QIP issue.