Intent
Each week, I perform a sectoral as well as my Watchlist review using monthly as well as weekly charts. I have shared the reviews for several weeks in a row and then I thought of making the whole review process and the outcome more interesting and that is when I thought of starting a new series titled “Interesting Candles”.
The intent is to share with the readers the stocks that have thrown up exciting price action at the end of the week and appear to be either adding to the bullish/bearish sentiment or simply it is just exciting candle that has either gained or lost a significant % during the week. While doing so, I realized that if the reader either watches the video or even attempts to look at the charts, it would help him/her get a good learning experience.
If I write about the type of the candle, and what it indicates, it would become too long a post so you may follow the above approach. All charts used here are weekly but I may have also included some based on their daily patterns as these stocks are part of my Watchlist and are viewed regularly.
Interesting Candlestick Patterns with Nifty at 18314 & Bank Nifty at 43793:
- Bajaj Finance (NS:BJFN) 5%+
- EClerx Services -5%+
- Ethos (NS:ETHO) +9%
- Glenmark Pharma (NS:GLEN) +11%
- Godrej Consumer (NS:GOCP) Products +6%
- L&T -6%+
- Lupin (NS:LUPN) +9%+
- Marico (NS:MRCO) +9%+
- Novartis +12%
- RVNL -15%
- RateGain Travel +10%
- Sona BLW +6%
- Tata Elxsi (NS:TTEX) +6%
- Angel One (NS:ANGO) +8%
- BSE +7%
- Dr. Reddy’s Labs -9%
- Eicher Motors (NS:EICH) +8%
- IndusInd Bank (NS:INBK) +12
- Intellect Design +17%
- Nifty Auto +4%
Conclusion:
18200 for Nifty and 43000 for Bank Nifty are crucial levels for the up move to continue. Bank Nifty is very close to creating a new ATH which is presently at 44151. If Bank Nifty maintains the momentum, Nifty may well hit 18500 in the coming days.
I suggest that you please watch the video to know how I have selected the candles and how I interpret the candles while analyzing them. I trust this attempt will be of help to the readers.
Here is the video link:
https://youtu.be/ycDtiOlhE2U
Thank you!