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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.

After a remarkably bullish January, which continued the strong market action in November and December, February has had a distinctly different feel. But while breadth conditions have certainly become less bullish than they were at year-end 2023, and the Hindenburg Omen has announced a potential end to the bullish phase, the growth leadership names

Budget 2024: Positive announcements could push Nifty beyond 21,850, and that the index could aim for all-time high levels around 22,100. A break below 21,400 and 21,200 may trigger selloff.

The market trend may continue to be volatile on Thursday, especially as the interim budget will be delivered.

The options data indicates that the Nifty can face resistance at 21,700-21,800, while immediate support is at 21,500

Top Nifty losers were Bajaj Finance, Titan Company, UltraTech Cement, NTPC and Bajaj Finserv, while gainers were Tata Motors, BPCL, Grasim Industries, Eicher Motors and Adani Enterprises

Shah also suggests that market participants stay away from over-leveraged trades, and feels that the automobile, capital goods, and pharma sectors are likely to outperform in the next couple of trading sessions

Investors will focus on speeches by several FOMC officials including Fed Chair next week.

​It is a 2-day candlestick pattern in which there is a long green candle on the next day within the range of the previous day but that closes below the midpoint of the previous day’s candlestick body.

​Dark Cloud Cover on charts: 4 stocks which may see bears taking over