Stock Market Trade Setup for October 19 : Things to know

On October 16, BSE Sensex was up 254.57 points to close at 39,982.98 while the NSE Nifty50 gained 82.10 points at 11,762.50 and formed a small-bodied bullish candle on the daily charts. Stock market rebounded after around 2.5 percent loss seen in the previous session and closed seventh of a percent higher on October 16, led by banking and financials, metals and pharma stocks.

According to pivot charts, Pivot point for market is 11,740.02. The key support levels for the Nifty is placed at 11,690.27, followed by 11,618.03. If the index moves up, the key resistance levels to watch out for are 11,812.27 and 11,862.03.

Day High - 11,789.75         Day Low - 11,667.85          Market Close - 11,762.45

Pivot Point = (11,762.45+11,789.75+11,667.85) = 11,740.02

Support 1 = 2*11,740.02-11,789.75 = 11,690.27

Support 2 = 11,740.02- (11,789.75-11,667.85) = 11,618.03

Resistance 1 = 2*11,740.02-11,667.85 = 11,812.27

Resistance 2 = 11,740.02+ (11,789.75-11,667.85) = 11,862.03

NSE NIFTY CHART

BSE SENSEX CHART

Stocks in the news

• L&T Investment Management cut its stake in CARE Ratings to 3.18 percent from 5.18 percent earlier.
• Abbakus Growth Fund through Abakkus Emerging Opportunities Fund-1 acquired 6.45 percent stake in Acrysil.
• IIFL Securities reported profit at Rs 50.92 crore in Q2FY21 against Rs 24.85 crore and revenue rose to Rs 201.9 crore from Rs 173.7 crore YoY.
• Varun Mehta has tendered resignation from the position of the CFO in Sadbhav Infrastructure Project. The company received Provisional Completion Certificate for its subsidiary Sadbhav Udaipur Highway Private Limited.
• Morgan Stanley Asia (Singapore) PTE- ODI name appeared in September shareholding pattern with 1.23 percent stake in Polyplex Corporation.
• Tinplate Company reported profit at Rs 16.07 crore in Q2FY21 against Rs 12.67 crore YoY and revenue fell to Rs 531.5 crore from Rs 538.4 crore YoY.

Britannia Industries, HDFC Life Insurance Company, L&T Technology Services, ACC, Century Textiles, CSB Bank, Borosil Renewables, Hatsun Agro Product, Bank of Maharashtra, Rallis India, Sagarsoft (India), Shish Industries, Skipper, Smruthi Organics, Sumeru Industries, Tata Metaliks, Texmaco Infrastructure, Texmaco Rail, Titan Biotech, Titan Securities and Chemo Pharma Laboratories will announce quarterly results on October 19.