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 on 21-10-22 17576 & SGX Nifty EOD 21-10-22 170815 or +244.
Before progressing, I must state that 24-10 is only a Muhurat Trading day and the price action on that day may not exactly reflect the real sentiment as usually on such days, the volumes are low. So the price action on 25-10 is going to be the crucial one and SGX Nifty reading as of now looks impressive but we should take it with a few spoons of salt as it may change as the week unfolds globally..
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:
- Asian Paints (NS:ASPN)
- Axis Bank (NS:AXBK)
- HDFC (NS:HDFC)
- IndusInd Bank (NS:INBK)
- Nestle (NS:NEST) India
- SBI (NS:SBI)
- ITC
- Nifty Bank
- TVS Motors
- FSN E-Commerce
- Accelya
- BPCL
- LIC
- One 97 Communications
- HDFC AMC
- RBL Bank (NS:RATB)
- HPL Electric Power
- Laurus Labs
- RCF
- Tata Elxsi (NS:TTEX)
- MRF (NS:MRF)
- Minda Corp
- BHEL
- KSCL
- Bank Baroda
- PNB (NS:PNBK)
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!
Note:
Not SEBI Regd
The post has been shared purely for educational & informational purposes only.