Stock Market Trade Setup for November 19 : Things to know

On November 18, BSE Sensex was up 227.34 points to close at 44,180.05, while the Nifty50 gained 64.05 points to 12,938.25, formed a bullish candle on daily chart and market closed in the green for the sixth consecutive day. Sensex closed first time at above 44,000. The Nifty Auto and Nifty PSU Bank indices jumped 3 percent each. Nifty Bank Index rose 1 percent, while Nifty FMCG index shed 1 percent. BSE Auto and Capital Goods indices gained 3 percent each, while BSE Bank rose 2 percent and Power index gained 1 percent each. However, BSE IT and FMCG indices shed 1 percent each. M&M, Tata Motors, Bajaj Finserv, L&T and IndusInd Bank were among major gainers on the Nifty, while losers included BPCL, HUL, Dr Reddy’s Labs, TCS and Titan Company.

According to pivot charts, Pivot point for market is 12,902.15. The key support levels for the Nifty is placed at 12,855.45, followed by 12,772.65. If the index moves up, the key resistance levels to watch out for are 12,984.95 and 13,031.65.

Day High - 12,948.85         Day Low - 12,819.35            Market Close - 12,938.25

Pivot Point = (12,938.25+12,948.85+12,819.35)/3 = 12,902.15

Support 1 = 2*12,902.15-12,948.85 = 12,855.45

Support 2 = 12,902.15- (12,948.85-12,819.35) = 12,772.65

Resistance 1 = 2*12,902.15-12,819.35 = 12,984.95

Resistance 2 = 12,902.15+ (12,948.85-12,819.35) = 13,031.65

Nifty Chart

Sensex Chart

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