Stock Market Trade Setup for October 26 : Things to know

On October 23, BSE Sensex was up 127.01 points to close at 40,685.50 while the NSE Nifty50 gained 33.90 points at 11,930.35 and formed a bearish candle on daily chart. The index gained 1.4 percent and formed a Spinning Top kind of pattern on the weekly scale, too. Most action was seen in auto, FMCG and IT sectors stocks.

According to pivot charts, Pivot point for market is 11,937.88. The key support levels for the Nifty is placed at 11,901.23, followed by 11,872.17. If the index moves up, the key resistance levels to watch out for are 11,966.93 and 12,003.57.

Day High - 11,974.55         Day Low - 11,908.75           Market Close - 11,930.35

Pivot Point = (11,930.35+11,974.55+11,908.75) = 11,937.88

Support 1 = 2*11,937.88-11,974.55 = 11,901.23

Support 2 = 11,937.88- (11,974.55-11,908.75) = 11,872.17

Resistance 1 = 2*11,937.88-11,908.75 = 11,966.93

Resistance 2 = 11,937.88+ (11,974.55-11,908.75) = 12,003.57

NSE NIFTY CHART

BSE SENSEX CHART

Stocks in News

• Yes Bank reported profit at Rs 129.4 crore in Q2FY21 and NII fell to Rs 1,973.4 crore.
• Tech Mahindra reported higher profit at Rs 1,064.6 crore in Q2FY21 and revenue rose to Rs 9,371.8 crore. Subsidiary Tech Mahindra (Singapore) Pte Ltd agreed to acquire 100% stake in Momenton Pty. Ltd, Tenzing Ltd and Tenzing Australia Ltd.
• Nestle company reported profit at Rs 587 crore in Q3CY20 and revenue increased to Rs 3,541.7 crore.
• JSW Steel reported a lower profit at Rs 1,595 crore in Q2FY21 and revenue rose to Rs 19,264 crore.
• Wabco India reported profit at Rs 35.1 crore in Q2FY21 and revenue fell to Rs 418.7 crore.
• ICICI Lombard General Insurance reported a higher profit at Rs 415.74 crore and total income rose to Rs 2,883.4 crore.

Kotak Mahindra Bank, SBI Life Insurance Company, Mahindra & Mahindra Financial Services, Angel Broking, Finolex Industries, Genus Paper & Boards, GHCL, Hindustan Media Ventures, Alicon Castalloy, Lasa Supergenerics, Lakshmi Machine Works, Max Ventures and Industries, Swaraj Engines, Torrent Pharmaceuticals and Zim Laboratories etc companies to announce quarterly results on October 26.