Interesting Candlestick Patterns for the Week Ending 28-10-22

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 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.

Important Note:

Nifty EOD as of 28-10-22 17786 & SGX Nifty EOD 28-10-22 18026 or +193.

Anyone who just read the SGX Nifty number would be jumping with joy and there is every reason for doing so. However, SGX Nifty is only somewhat reflecting the sentiment based on the US market close for the week. All of us know that Bank Nifty ended below 41000 and if Nifty has to cross 18000, Bank Nifty would need to retest the ATH at 41850 and that I feel is expecting a bit too much.

Irrespective of the above, these interesting candles may have some role to play in the price action even next week, as usual, loud moves do carry trailing moves and actions that become worth keeping track of.

Interesting Candles:

1. Asian Paints (NS:ASPN)
2. HUL
3. ICICI Bank (NS:ICBK)
4. Infosys (NS:INFY)
5. JSW Steel (NS:JSTL)
6. M&M (NS:MAHM)
7. Maruti Suzuki (NS:MRTI)
8. Nestle (NS:NEST) India
9. NTPC (NS:NTPC)
10. Power Grid (NS:PGRD)
11. Sun Pharma (NS:SUN)
12. Nifty Bank
13. IIFL Finance (NS:IIFL)
14. FSN E-Commerce
15. ABSL AMC
16. Bajaj Finance (NS:BJFN)
17. Latent View
18. MCX
19. IGL
20. HPL Electric Power
21. Shree Renuka Sugars (NS:SRES)
22. Tata Elxsi (NS:TTEX)
23. Page Industries (NS:PAGE)
24. HAL
25. BHEL
26. L&T (NS:LART)
27. Bharat Forge (NS:BFRG)

Conclusion:

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.

Thank you!