Stock Market Trade Setup for November 17 : Things to know

Last Week, BSE Sensex was up 1745 points to close at 43,637.98, while the Nifty50 gained 516.70 points to 12,780.30, formed a bullish candle on weekly chart and market closed in green position. Most action was seen across sectors barring IT which ended third of a percent higher, while other sectors gained 1-8 percent during the week. On 14th Nov, the top gainers on the Nifty included BPCL, IOC, Tata Motors, HDFC Life, Sun Pharma and top losers are Hindalco, Hero Motor, JSW steel, SBI and Bajaj Finanace.

According to pivot charts, Pivot point for market is 12,786.15. The key support levels for the Nifty is placed at 12,743.60, followed by 12,706.90. If the index moves up, the key resistance levels to watch out for are 12,822.85 and 12,865.40.

Day High - 12,828.70         Day Low - 12,749.45            Market Close - 12,780.30

Pivot Point = (12,780.30+12,828.70+12,749.45)/3 = 12,786.15

Support 1 = 2*12,786.15-12,828.70 = 12,743.60

Support 2 = 12,786.15- (12,828.70-12,749.45) = 12,706.90

Resistance 1 = 2*12,786.15-12,749.45 = 12,822.85

Resistance 2 = 12,786.15+ (12,828.70-12,749.45) = 12,865.40

NIFTY CHART FOR 13 AND 14 NOV

SENSEX CHART FOR 13 AND 14 NOV

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