Interesting Candlestick Patterns for the Week Ending 4-8-23

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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 at 19517 & at 44879:

  1. Adani Power (NS:) +7%
  2. Anand Rathi +12%
  3. BEML (NS:) +10%
  4. Godrej Properties (NS:) -12%
  5. HDFC AMC -5%
  6. Jubilant Foodworks (NS:) +8%
  7. Laurus Labs (NS:) +16%
  8. Lupin (NS:) +9%
  9. Midhani +18%
  10. MRF (NS:) +8%
  11. Railtel (NS:) Corp +6%
  12. R S Software +10%
  13. Thomas Cook (NS:) +16%
  14. BSE Ltd +7%
  15. Dixon Tech +13%
  16. PB Fintech (NS:) +9%
  17. Prakash Industries (NS:) +5%
  18. Reliance Power (NS:) +18%
  19. Tata Consumer Products (NS:) -7%
  20. Venky’s +12%

Conclusion/Views for the next week:

The indices have been beaten down by the intense bearish sentiment that prevailed for most part of the week and Nifty ended up breaching 19300 as well to register its low and Bank Nifty too ended up breaching 44300 to register its low. The indices have since then recovered but for now, the approach is that of Sell on Rise as the indices have shown that with every rise they get sold into. So a cautious approach is the best way to move in the market from a trading as well as investing viewpoint.

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