Key Points
Alok Industries has been a late bloomer, and it has taken almost the entire part of 2023 to bottom out and attempt a push higher, while the majority of stocks are on the other end of the spectrum..
The stock has formed a rounding bottom pattern signalling the end of a prolonged downtrend, matured in late December 2023, but the breakout thereof has unfolded unfortunately at the most inopportune time, as the broader market is seen correcting from record peaks.IANS..
Stocks that were in focus include names like Alok Industries which was up 7%, Adani Ports closed with gains of more than 1% to hit a fresh high, and FDC was up more than 3% to hit a fresh high...
The consequent selling pressure did not spare Alok Industries, despite the previous days voluminous rise successfully registering further rise on Wednesday, and the turn lower thereof culminated in forming a gravestone doji candlestick pattern, traditionally seen as a reversal pattern...
Adani Ports (All Time High)The doji formed on Wednesday suggests indecision, but the huge volume suggests that buyers were keen on putting a very strong show of solidarity, despite the broad market sell-off getting in the way...
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