17th January 2025 Pre-Market Analysis

Introduction

This report provides an overview of the recent market performance, key economic indicators, and notable stocks in both bullish and bearish situations as of January 17th, 2025.

Key Points

1. Market News

• GIFT Nifty indicates a negative market start.
• Benchmark indices saw gains for three consecutive sessions.
• HDFC Life Insurance and BEL were top gainers.
• Asian stocks and U.S. shares declined slightly.
• Oil prices steady after a 1.7% drop.
• Gold prices flat; poised for a third weekly gain.
• Rupee weakened by 18 paise to 86.54 against the dollar.

2. Technical Analysis

• Nifty-50

  • Formed a bearish candlestick pattern with above-average volume.
  • Weekly charts show buying interest at lower levels, though below the 50-week EMA.
  • Support Levels: 23,371 | 23,399 | 23,445
  • Resistance Levels: 23,280 | 23,251 | 23,206

  Nifty Bank

  • Weekly bullish candlestick pattern but below the 50-week EMA (49,930).
  • RSI positive crossover indicating potential upward momentum.
  • Support Levels: 49,419 | 49,519 | 49,679
  • Resistance Levels: 49,098 | 48,999 | 48,838

3. Key Stocks to Watch

Key Bullish Stocks

• Reliance Industries: ₹18,540 crore profit; 6.7% revenue growth.
• IREDA: JV for a 900 MW hydro project in Nepal.
• TVS Motor: Enters Moroccan market with new product launches.
• BPCL: ₹31,802 crore loan for refinery expansion.
• HFCL: ₹2,501.30 crore order for BharatNet Phase III.
• Others: AstraZeneca, Lemon Tree Hotels, Concord Biotech.

Key Bearish Stocks

• J&K Bank: SEBI warning over MD/CEO delay.
• Suraksha Diagnostic: CFO resignation.
• MOIL: GST demand order of ₹40.57 crore.
• IPCA Laboratories: GST demand of ₹54.25 lakh.

4. Sector-Wise Analysis

• • Top 5 Sectors (Weekly Performance – Positive): Not specified.
  • Volume Shockers (1.5x last week’s average volume):
    • IRFC
    • Ambuja Cements
    • ICICI Prudential
    • Torrent Pharma

5. Long&Short Build Stocks

• • Long Build-Up Stocks

    • KPITTECH: OI Change +11.20%
    • TRENT: OI Change +10.00%
    • ABBOTINDIA: OI Change +8.70%
    • DRREDDY: OI Change +8.20%
    • HINDPETRO: OI Change +6.40%

    Short Build-Up Stocks

    • LTTS: OI Change +21.30%
    • CESC: OI Change +16.50%
    • KEI: OI Change +14.30%
    • MFSL: OI Change +12.60%
    • INDIAMART: OI Change +11.80%

6. Other Highlights

• FII Activity: Net sellers with -₹4,341.95 crore.
• DII Activity: Net buyers with ₹2,928.72 crore.
• Stocks in F&O Ban: Aarti Industries, Angel One, Bandhan Bank, and others.
• Breakout Pulse Stocks:
  • PAYTM: +4.18%
  • REDINGTON: +4.67%
  • BSE: +3.61%

Conclusion

The market is set for a cautious start with mixed signals from international markets and local economic indicators. Investors should continue to monitor key stocks and market indices for potential movements in both bullish and bearish directions, keeping an eye on upcoming economic data and geopolitical events.