Interesting Candlestick Patterns for the Week Ending 21-7-23

  • Stock Market Analysis

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.

Interesting Candlestick Patterns with Nifty at 19745 & Bank Nifty at 46075:

  1. Amara Raja -8%
  2. Angel One (NS: ANGO ) -4%
  3. Bikaji Foods (NS: BIKA ) +7%
  4. GMDC +5%
  5. Prakash Industries (NS: PRKI ) +7%
  6. Sharda CropChem -5%
  7. Shree Cement (NS: SHCM ) -5%
  8. United Spirits (NS: UNSP ) +9%
  9. Venky’s India +12%
  10. Accelya Solutions +5%
  11. Auro Pharma +5%
  12. Avenue Supermarts (NS: AVEU ) -4%
  13. Fino Payments Bank (BO: FINY ) +6%
  14. ICICI Prudential -6%
  15. ISMT +10%
  16. Kajaria Ceramics (NS: KAJR ) +8%
  17. Mazagon Dock +13%
  18. Novartis -9%
  19. Patanjali Foods (NS: PAFO ) +8%
  20. Railtel (NS: RAIT ) Corp +11%
  21. Shree Renuka Sugars (NS: SRES ) +8%
  22. RITES (NS: RITS ) Ltd +16%
  23. RVNL +14%
  24. Thomas Cook (NS: THOM ) +9%
  25. TWL +14%

Conclusion/Views for the next week:

With the FIIs selling on 21-7, a gap-up or an initial positive start is more likely ruled out. Reliance (NS: RELI ) has also reported below-expectations results so it is likely to get further sold off and it may end up reaching closer to or it may even break its 200 DMA which is around 2500. It is not that far.

It is a sign of caution and if Nifty falls 100+ points from here, Bank Nifty may easily retest 45600. The next week is also going to witness the monthly expiry and it needs to be seen where would the indices expire in this eventful July series.

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  • Naveen Kumar @Naveen Kumar
    Sir I hold 1900ce hold price 99 now 65 Friday
    Like 0
    • Umesh Rindani @Umesh Rindani
      @Naveen Kumar I do not give any advice or recommendations.
      Like 0
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  • Shreenivas Gandla @Shreenivas Gandla
    thumbs up for ur effort.
    Like 1

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