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 as well as 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 interesting price action at the end of the week and appear to be either adding to the bullish/bearish sentiment or simply it is just an interesting 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 forming part of my Watchlist and are viewed on a regular basis.
Here is the link to the video:
https://youtu.be/I-bu2LDvU9A
Interesting Candlestick Patterns with Nifty at 18203 & Bank Nifty at 43969:
- Angel One (NS:ANGO) -9%
- Divis Labs -6%
- Dixon Tech +5%
- EIH Ltd (NS:EIHO) +8%
- JK Paper (NS:JKPA) -5%
- Nifty Auto
- Nifty Pharma
- Sonata Software (NS:SOFT)
- GMDC +5%
- Auro Pharma
- DMart -7%
- Chennai Petro +13%
- Colgate (NS:COLG) Palmolive
- Eclerx Services
- Ethos (NS:ETHO) Ltd -13%
- HUDCO +5%
- Midhani +11%
- Nazara Tech +6%
- Novartis +8%
- RBA +12%
Conclusion/Views for the next week:
From my side, I will be looking at whether Bank Nifty is able to make a new high as it is within striking distance of the same. Like the earlier occasions, it fell to some extent after hitting or retesting the ATH. So this time, it may be different as the undercurrent in Bank Nifty is very different than Nifty. Bank Nifty looks solid whereas Nifty is lacking conviction from the big players and that is why it is going all over the place.
Reliance (NS:RELI) and the HDFC twins hold the keys for Nifty to regain momentum and for Bank Nifty to hit a new ATH. The coming week is also the last week of the series and the monthly expiry is going to bring in incremental choppiness and swings.
Thank you!