Stock Market Trade Setup for October 22 : Things to know

On October 21, BSE Sensex was up 162.94 points to close at 40,707.31 while the NSE Nifty50 gained 40.85 points at 11,937.65 and formed bearish candle on the daily charts but extending the winning streak into the fourth consecutive session. In stock market, metals, realty and auto sectors look attractive for the medium-term and banking, IT sectors can be traded for shorter periods.

According to pivot charts, Pivot point for market is 11,910.68. The key support levels for the Nifty is placed at 11,802.72, followed by 11,667.78. If the index moves up, the key resistance levels to watch out for are 12,045.62 and 12,153.58.

Day High - 12,018.65          Day Low - 11,775.75           Market Close - 11,937.65

Pivot Point = (11,937.65+12,018.65+11,775.75) = 11,910.68

Support 1 = 2*11,910.68-12,018.65 = 11,802.72

Support 2 = 11,910.68- (12,018.65-11,775.75) = 11,667.78

Resistance 1 = 2*11,910.68-11,775.75 = 12,045.62

Resistance 2 = 11,910.68+ (12,018.65-11,775.75) = 12,153.58

NSE NIFTY CHART

BSE SENSEX CHART

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