Indices formed bearish candles last week

Following are the list of candlestick patterns that equity indices formed last week (i.e. on the weekly time frame):

Nifty - Bearish Engulfing

Bank Nifty - Dark Cloud Cover

Nifty Next 50 - Bearish Engulfing

NSE Midcap 100 - Bearish Engulfing

NSE Smallcap 100 - Bearish Engulfing

Nifty 100 - Bearish Engulfing

Nifty 200 - Bearish Engulfing

Nifty 500- Bearish Engulfing

NSE Private Bank - Dark Cloud Cover

NSE Finance - Dark Cloud Cover

NSE FMCG - Bearish Belt Hold Line

NSE IT - Spinning Top

NSE Media - Doji

NSE Pharma - Bearish Belt Hold Line

NSE PSU Bank - Bearish Engulfing

NSE Realty - Bearish Engulfing

India VIX (Volatility index) - Bullish Engulfing

As each of these candles are forming near their recent peaks while that of VIX if forming near its recent trough, the price action warrants caution going forward. Keep a close watch on the last week's low for each of these indices. If price sustains below the lows of last week, it would indicate at near-term weakness.

To understand more about the candlestick patterns discussed above, refer to our School of Stocks chapter on Japanese Candlestick patterns by clicking here.

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