Stock Market Trade Setup for November 06 : Things to know

On November 05, BSE Sensex was up 724.02 points to close at 41,340.16, while the Nifty 50 gained 211.80 points to 12,120.30 and formed a bullish candle on daily chart. All the sector indices ended in the green led by the Nifty Metal (up 4 percent), while Bank, Energy and Infra indices rose 2 percent each. BSE Midcap and Smallcap indices added over 1.5 percent each. Most action was seen in metals, public sector, oil & gas, energy as well as banks. The top gainers on the Nifty included Indusind Bank, Hindalco, SBI, BPCL, Tata Steel while top losers were Hero Motor and HDFC Life.

According to pivot charts, Pivot point for market is 12,093.0. The key support levels for the Nifty is placed at 12,054.90, followed by 11,989.50. If the index moves up, the key resistance levels to watch out for are 12,158.40 and 12,196.50.

Day High - 12,131.10         Day Low - 12,027.60            Market Close - 12,120.30

Pivot Point = (12,120.30+12,131.10+12,027.60) = 12,093.0

Support 1 = 2*12,093.0-12,131.10 = 12,054.90

Support 2 = 12,093.0- (12,131.10-12,027.60) = 11,989.50

Resistance 1 = 2*12,093.0-12,027.60 = 12,158.40

Resistance 2 = 12,093.0+ (12,131.10-12,027.60) = 12,196.50

NSE NIFTY CHART

BSE SENSEX CHART

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