Stock Market Trade Setup for November 23 : Things to know

On November 20, BSE Sensex rose 282.29 points to 43,882.25, and the Nifty50 gained 87.30 points at 12,859.05 after surging 10 percent in the previous two weeks. The real action was in broader markets last week as the Nifty Midcap index climbed 2.8 percent and Smallcap gained 1.5 percent. 

Bajaj Finserv, Titan , Gail, Bajaj Finance and Bharti Airtel were among major gainers on the Nifty, while losers included Reiliance, Adani Ports, Axis Bank, Indusind Bank, and Sun Pharma on 20th November.

According to pivot charts, Pivot point for market is 12,827.25. The key support levels for the Nifty is placed at 12,762.05, followed by 12,665.05. If the index moves up, the key resistance levels to watch out for are 12,924.25 and 12,989.45.

Day High - 12,892.45         Day Low - 12,730.25            Market Close - 12,859.05

Pivot Point = (12,859.05+12,892.45+12,730.25)/3 = 12,827.25

Support 1 = 2*12,827.25-12,892.45 = 12,762.05

Support 2 = 12,827.25- (12,892.45-12,730.25) = 12,665.05

Resistance 1 = 2*12,827.25-12,730.25 = 12,924.25

Resistance 2 = 12,827.25+ (12,892.45-12,730.25) = 12,989.45

Nifty Chart

Sensex Chart

Stocks in News :

• Sical Logistics defaults on Rs281cr loan and interest to lenders.
• Relaxo Footwears to set up new facility at Rs150cr investment this fiscal.
• IOB expects resolution of NPAs worth Rs18,000cr in 2nd half of FY21.
• Bharti Airtel to acquire 5.2% stake in Avaada MHBuldhana for Rs 4.55 crore.
• Suzlon Energy allots 3.18 cr equity shares on conversion of bonds.
• South Indian Bank acquires 6.67% stake in IBBIC.
• Glenmark Pharmaceuticals issues notice for optional redemption of USD 200 mn 4.5% Senior Notes due 2021.
• Private Trains: L&T, GMR Among 102 Applicants Qualified In First Stage.