Candlestick patterns play a key role in identifying reversals in the markets and traders who know how to use them correctly have an ultimate edge in trading. However, a lot has already been written and a plethora of material is readily available out there on using these patterns.
Mahindra & Mahindra has formed an ascending triangle formation and witnessed a congestion breakout of a triangle pattern on the daily timeframe with strong volumes.
BHEL has started consolidating and is showing signs of accumulation. A move beyond Rs 115 is likely to trigger further bullish momentum towards its swing highs of Rs 130.
On Tuesday, 84 stocks, including Tata Communications, Oracle Financial, Dixon Technologies, Cummins India, and Astral, saw a long build-up, as per based on the OI percentage.
Nifty futures on the Singapore Exchange quoted 11.50 points, or 0.06 per cent, lower at 18,747, hinting at a muted start for the domestic market on Wednesday.