Check out the stocksd price less than Rs 25 showing bullish pattern on candlesticks


Indian Market
by 5paisa Research Team Last Updated: Dec 16, 2022 - 10:32 am 12.5k Views

Investors who bank on technical analysis or patterns in the price and volume movements of a stock(s) typically use candlestick charts or use it along with other parameters to predict price movements of stocks in the future.

Candlestick charts, or Japanese candlestick charts, were devised by—or are attributed to—Japanese rice trader Munehisa Honma, who made loads of money in Osaka in the 18th century.

Of course, he wouldn’t have imagined that nearly 300 years later, the candlestick charts would become the staple of studying patterns in the stock and currency market.

In simple terms, the candlestick captures the opening and closing price along with highs and lows of a stock. Analysts study patterns of these candlesticks to pick stocks.

One of the strategies that are used by technical analysts is to look at stock with good aggregate candlestick strength. This, in turn, is the value one derives from the net of bullish over bearish candlestick indicators.

If the number is in the positive quadrant and has a higher value it indicates the bullish pattern and vice versa for the number being in the negative side.

If we apply this to the broader list of stocks, we get a set of 124 companies that have a good aggregate candlestick strength of 1 or more, showing bullish trends. Most of these stocks are from the small and micro-cap list.

If we filter out companies by focusing on stocks with stock price under Rs 25 each, we get around 63 companies.

In this set, some of the companies include Tantia Constructions, India Cements Capital, Shelter Infra Proj, Meenakshi Ent, HB Estate Developers, Pithampur Poly, Raasi Refractories, Ravi Kumar Dist, Shashijit Infraproj, Gala Global Products and Veeram Securities.

A few other stocks in the pack include KLG Capital, Mediaone Global, Prism Medico, Lakhotia Polyesters, Ind Renewable Energy and Step Two Corporation.

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