Stock Market Trade Setup for October 16 : Things to know

On October 15, BSE Sensex fell 1066.33 points to 39,728.41 while the NSE Nifty50 slipped 290.70 points to 11,680.35 and market closed on bearish daily chart. The index seems to have stepped into a consolidation phase that can last for the next few sessions. Most selling was seen in telecom, banks, energy, IT, as well as realty.

According to pivot charts, Pivot point for market is 11,789.03. The key support levels for the Nifty is placed at 11,552.62, followed by 11,424.88. If the index moves up, the key resistance levels to watch out for are 11,916.76 and 12,153.18.

Day High - 12,025.45      Day Low - 11,661.30     Market Close - 11,680.35

Pivot Point = (11,680.35+12,025.45+11,661.30) = 11,789.03

Support 1 = 2*11,789.03-12,025.45 = 11,552.62

Support 2 = 11,789.03- (12,025.45-11,661.30) = 11,424.88

Resistance 1 = 2*11,789.03-11,661.30 = 11,916.76

Resistance 2 = 11,789.03+ (12,025.45-11,661.30) = 12,153.18

NSE NIFTY CHART

BSE SENSEX CHART

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