Pre-Market Update - Jan 19th
Nifty / Bank Nifty, Stocks In News

Nifty 1 Hr Timeframe Analysis

Nifty closed at 18165.35 (+0.62%). As mentioned in the 18th Jan blog, Nifty closed above resistance and bounced today from the same resistance level, which worked as support yesterday. It also broke the resistance at 18140, which acted as support after that.

A major supply zone presence at a level of 18229-18251 may work as resistance on the upside for Nifty, and a range-bound market can spot if it rejects from the supply zone.

Bank Nifty 1 Hr Timeframe Analysis

 Bank Nifty closed at 42458 (+0.53%). As described in the 18th Jan blog, BN bounced from the support zone and broke the resistance of 42383, which worked as a support for the rest of the day and bounced from that level four times on one hour TF.

Bank Nifty formed another rounder bottom and also a flag structure in side that which is positive price action if it breaks the resistance level of 42521 which again have a supply zone presence top of it which can work as resistance too. 

Stocks in News

• CCL Products India Ltd proposes expansion in Vietnam
  
• MIC Electronics Ltd wins order for Rs. 56.58 lakhs
  
• PDS's Sri Lanka subsidiary Norlanka launches Centralised Cutting Plant
  
• Orissa Bengal Carrier Ltd bags contract from Sunflag Iron & Steel Company Ltd

Sector Heat Map of Wednesday, Jan 18

Heatmap from Trendlyne website

Analysis by
Dixit from MT Team
Equity Research Analyst (Technical & Fundamental). Experienced Index Analyst.