Stock Market Trade Setup for Thursday on October 7 : Things to know

On 07th October, BSE Sensex surged 304.38 points to 39878.95 while the NSE Nifty50 jumped 76.45 points to 11738.85 and formed a bullish candle on the daily charts. Stock market rallied for the fifth consecutive day, pushing benchmark indices towards crucial resistance levels. Most action was seen in consumer durables, energy, and auto indices while profit-taking was visible in metals, realty, and power indices. 

According to pivot charts, Pivot point for market is 11710.42. The key support levels for the Nifty are placed at 11657.78, followed by 11576.72. If the index moves up, the key resistance levels to watch out for are 11791.48 and 11844.12.

Day High - 11763.05      Day Low - 11629.35        Market Close - 11738.85

Pivot Point = (11738.85+11763.05+11629.35) = 11710.42

Support 1 = 2*11710.42-11763.05 = 11657.78

Support 2 = 11710.42- (11763.05-11629.35) = 11576.72

Resistance 1 = 2*11710.42-11629.35 = 11791.48

Resistance 2 = 11710.42+ (11763.05-11629.35) = 11844.12

NSE NIFTY50 CHART

BSE SENSEX CHART

Stocks in News :

1. TCS Q2 profit grows 6.7% to Rs 7,475 crore QoQ, announces 5.33 crore equity shares value Rs 16,000-crore in buyback at Rs 2100 per equity share.
2. Britannia board of directors have recommended the special dividend of Rs 12.5 per equity Share , subject to the approval of the shareholders.
3. The Board of ICICI Prudential Life Insurance Company has approved raising capital by issuance of subordinated debt instruments in the nature of rated, listed, redeemable, unsecured, fully paidup, non-cumulative, non-convertible debentures (NCDs) up to Rs 1200 crore, in one or more tranches.
4. Apollo Tyres has allotted 5.40 crore 6.34% compulsorily convertible preference shares having face value of Rs 100 each at par for cash for an aggregate amount of Rs 540 crore by way of preferential allotment on a private placement basis to Emerald Sage Investment, an affiliate of Warburg Pincus LLC.
5. Dixon Technologies arm Padget Electronics was approved as a mobile manufacturing partner under the government's Production Linked Incentive (PLI) scheme for Large Scale Electronics Manufacturing. Over the next five years, the companies approved under the PLI scheme are expected to lead to total production of more than Rs10.5 lakh cr.
6. Hero Motocorp electric two-wheeler demand hits a high note as sales rise 18% in June-September.