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.
Interesting Candlestick Patterns with Nifty at 19189 & Bank Nifty at 44747:
- Amara Raja Batteries (NS:AMAR) +7%
- CDSL (NS:CENA) +7%
- GPPL +7%
- Infosys (NS:INFY) +5%
- Motilal Oswal (NS:MOFS) +8%
- Nifty Pharma +4%
- PB Fintech (NS:PBFI)
- Shree Cement (NS:SHCM)
- Mallcom India +19%
- Aavas Financiers +10%
- AB Capital +12%
- Ethos (NS:ETHO) Ltd +11%
- HDFC AMC +13%
- Hemisphere Properties +9%
- InterGlobe Aviation (NS:INGL) +6%
- L&T Finance +8%
- Mazagon Dock
- MCX -4%
- RBA -5%
- TWL +7%
Conclusion/Views for the next week:
Now that Nifty as well as Bank Nifty have hit their newer All Time Highs and have also ended the H1 2023 at a record high level, in my view, it is time to have a look at the holdings and start banking gains at least in part. That is what I have been doing as the indices have a tendency to erase gains made and that too fairly quickly once higher highs have been hit. This may be a temporary feature and a logical one as the rise does not happen in a linear manner even though a fall may be.
So please remain cautious before making any new investments at this stage and the best thing to do is to follow your process.