Do you own any of these stocks with White Marubozu pattern?

Market momentum was strong in the previous week with the Nifty 50 gaining 1.96 percent and trading close to new life highs. Strong momentum was seen in stocks of PSU banks, state-run companies, auto companies, oil and gas companies, real estate, media and banks.

Some of the trending stocks formed a ‘White Marubozu’ candlestick chart pattern indicating a bullish close. Here is the list of stocks from that managed to close at their near day’s high on February 16 trading session:

“White Marubozu candle is considered bullish because buying starts from the beginning of the trading session right till the end of the session. It shows that all the selling is absorbed in that session. Hence it is considered very bullish,” Prashant Sawant, founder of Catalyst Wealth, said.

“Pidilite looks good positionally and it can give a strong breakout. There is a resistance around 2,750, which needs to be broken. Havells is also trying to come out of a range and can easily approach the resistance level of 1,425. Above  1,425, Havells can show strong momentum taking the stock closer to 1500 levels.”

Top gainers from broader markets that will be in focus

On the February 16 trading session from midcap space, NIACL (16.02 percent), GICRE (10.90 percent), Uno Minda (7.83 percent), Glenmark Pharma (5.45 percent), Tube India (5.39 percent) and Federal Bank (5.11 percent) were seen outperforming the markets.

From the smallcap space, we saw outperformance from Natco Pharma (15.80 percent), Confidence Petroleum (13.65 percent), Novartis India (13.55 percent), Skipper (11.34 percent), Spice Jet (11.28 percent), Rain Industries (10.83 percent) and Sandhana (10.48 percent).

L&T was the top Nifty gainer contributing the most to Nifty gains followed by Infosys and M&M. IT was the biggest contributor to the Nifty 50 gains followed by auto and construction sectors.

Market cues from the past week

Last week, we saw heavy delivery volumes in Sundaram Finance  and KFIN Technology. We saw fresh aggressive long built-up in Nalco shares, Gujarat Gas shares, Mphasis shares and in shares of TVS Motors.Movements in these F&O counters will be closely tracked by the traders and investors.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.