Stock Market Trade Setup for November 02 : Things to know

On October 30, BSE Sensex fell 135.78 points to close at 39,614.07, while the Nifty 50 down 28.40 points to 11,642.40 and formed a small-bodied bearish candle on daily chart. Nifty declined 2.4 percent for the week, forming a long bear candle on the weekly chart. The top losers on the Nifty were Bharti airtel, Hero Moto, Maruti, Eicher motor and Bajaj finance while gainers were Adani ports, BPCL, Coal india, NTPC, Sun pharma.

According to pivot charts, Pivot point for market is 11,652.73. The key support levels for the Nifty is placed at 11,535.60, followed by 11,428.80. If the index moves up, the key resistance levels to watch out for are 11,749.10 and 11,855.80.

Day High - 11,748.95         Day Low - 11,535.45           Market Close - 11,642.40

Pivot Point = (11,642.40+11,748.95+11,535.45) = 11,652.73

Support 1 = 2*11,652.73-11,748.95 = 11,535.60

Support 2 = 11,652.73- (11,748.95-11,535.45) = 11,428.80

Resistance 1 = 2*11,652.73-11,535.45 = 11,749.10

Resistance 2 = 11,652.73+ (11,748.95-11,535.45) = 11,855.80

NSE NIFTY CHART

BSE SENSEX CHART

Stocks in News

• Reliance Industries reported consolidated profit at Rs 9,567 crore in Q2 and consolidated revenues jumped 27.2 percent sequentially.
• ICICI Bank reported sharply higher profit at Rs 4,251.3 crore in Q2 and net interest income rose to Rs 9,366.1 crore.
• Grasim Industries Company has executed agreements with Lubrizol Manufacturing India Private for production of chlorinated polyvinyl chloride resin in India.
• Just Dial reported lower consolidated net profit at Rs 47.34 crore and revenue fell to Rs 167.53 crore.
• CRISIL upgraded the long-term rating to AA/stable from AA-/positive of Aarti Industries.
• UPL reported profit at Rs 537 crore in Q2 and revenue increased to Rs 8,939 crore.
• DLF reported consolidated net profit at Rs 232 crore and revenue declined to Rs 1,610 crore.
• Jindal Stainless profit rises 2-fold to Rs 81 crore in September quarter.
• IndusInd Bank posts Q2 net profit of Rs 663.1 crore; NII grows about 13% YoY.

HDFC, Cadila Healthcare, Punjab National Bank, NTPC, Bandhan Bank, AIA Engineering, Anant Raj, BF Utilities, Coromandel International, City Union Bank, Embassy Office Parks REIT, Escorts, Narayana Hrudayalaya, OnMobile Global, Pfizer, PNC Infratech, Shriram City Union Finance, TCI Express, Whirlpool of India, Wockhardt, Wonderla Holidays and Zee Entertainment Enterprises among 61 companies will declare results on November 2.