Praedico Global Research Pvt. Ltd.

Task 8
Have to find out Fibonacci retracement for 10 different stocks
Sejal Arora

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 1. HDFC Bank Ltd

As seen in the above table, we can forecast that a decline would follow the pattern of three red
soldiers, although buyers can take support first at a position of 76.4% of the previous wave, if it
breaks out then 61.8%, and so on.

2. NIFTY 50

If we anticipate that the stock price may decline, we can review the retracement
table that was previously provided. However, there may be other circumstances
where the wave could turn around and move upward once more. In these cases,
the seller and buyer should check the estimated resistance and support from the
Fibonacci retracement calculator.

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 a. Bandhan Bank

Buyers and sellers can look for the extensions table given above and may discover
support and resistance from the said table if we consider that there will be a bullish
pattern after this.

Ltd

b. AU Small Finance Bank Ltd (AUFI)

After analyzing the pattern there might be a rise in the price of a stock, so the
buyer and seller could go for an extension table, but if the reverse happens as per
the retracement column market people were expecting the support near Rs.603
but it breakout so there might be falling in price of the stock, if this happens people
could watch retracement column for further support or resistance.

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 c. Hindustan Unilever Ltd. (HLL)

As we can see, the stock is currently dropping down when it hits Rs. 2640, thus
sellers can sell this stock with the expectation that the price will fall down and
buyer can buy it at Rs 2606 with an expectation that wave will take a support and
price will rice; but, if the stock breaks out, it may go as low as Rs. 2586
approximately, and so on, according to the retracement column.

d. Dr Lal PathLabs Ltd

Being a trader, we can anticipate both scenarios: the price may increase or
decrease depending on the buy and sell orders. As a result, by examining the
retracement column, we can infer the support level from which the price may
climb. However, if prices increase, we should consider an extension column.

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 e. Crude Oil WTI Futures - Jun 23 (CLM3)

From here, the price can move in either direction, up or down. If there is more
selling, the price will drop and support is likely to be located close to Rs. 72.662. If
the price breaks out, the price will move in the direction indicated on the
retracement table and a vice versa if price rises one must look at extension table.

f. Reliance Industries Ltd (RELI)

As we can see that after the price striking at Rs.2456.65, the wave has found
support and the price has increased but the last two red candles indicate that
sellers have taken over and the price may reduce. So, traders could look at the
retracement table given above.
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 g. ICICI Bank Ltd (ICBK)

As we can see that after the price striking at Rs.948, it has fallen down so to find
the estimate support, one can go for the retracement table, but in case prices rises
above Rs 948 one can go for the extension table given above.

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 h. Tata Motors Ltd (TAMO)

As we can see, the price dropped after hitting Rs. 520.4, and one must check the
retracement percentage to determine an estimated support level. If the price rises
over Rs. 520.4, however, one should use the extension table that is provided
above.

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