Below is my analsys for Index and some stock
Nifty
Nifty now is above intermediate support level of 5950 which is key and if it can sustain above this the next move could lead to 6220 which was very much possible till Thursday evening, now with recent events there is a strong possibility of it moving down towards 5800 which is a strong support area and where Nifty has taken support before. If Nifty closes below 5950 it is a good shorting oppurtinity for a target of 5800.
BankNifty
Banknifty has become weak on Friday and if it closes below 10250 which is 38.2% there is a strong posibility of it reaching 9500 levels and further down to 8400 levels which may be difficult in current situation. If it stays above 10900 there is a posibility of it testing 11500 levels. Banknifty is a shorting opportunity below 10250.
SBI
Moved from from 1440 to 1820 levels which is 38.2% as per Fib and has retraced. The key is if it was able to sustain and stay above 1820, the next target is 1960 and on the other side with BankNifty's weakness and there is a strong possibility to move to its low of 1400 levels again and so a shorting candidate.
DLF
Found a strong resistance at 172 levels which is 38.2% as per fibonacci levels and there is a very good possibility of testing low of 120 levels again if market underperforms.
Tata Steel
Has always found resistance at 325 at higher levels, if broader market does not support upper move it may find support at 280 and break below could make a move towards 260 levels.
Axis
Found resistance at 1160 levels and if breaks 1060 levels it can back to 950 and to lower levels of 800 provide market underperforms, but there is a possibility of it taking support at 1060 level and go back to 1250 if market support.
TechM
Has taken support at 1265 levels and has started it next move towards 1425 which is key level for making new all time high as we are seeing new highs being made for every pullback
TCS
Made a all time high 2075 and seems to have found support at 1900 levels and is expected to make fresh move towards its high.
http://imageshack.us/a/img822/5360/4i65.jpg
RelCap
Has reversed at 61.8% as per Fib at 370 and has move towards 340 has started if broader market does not support. Move above 370 could lead to 390 and to 420
DrReddy
Has found resistance at 2400 levels in June and has again trading at these levels. Need to close above 2400 levels for it to move to higher
Nifty
Nifty now is above intermediate support level of 5950 which is key and if it can sustain above this the next move could lead to 6220 which was very much possible till Thursday evening, now with recent events there is a strong possibility of it moving down towards 5800 which is a strong support area and where Nifty has taken support before. If Nifty closes below 5950 it is a good shorting oppurtinity for a target of 5800.
BankNifty
Banknifty has become weak on Friday and if it closes below 10250 which is 38.2% there is a strong posibility of it reaching 9500 levels and further down to 8400 levels which may be difficult in current situation. If it stays above 10900 there is a posibility of it testing 11500 levels. Banknifty is a shorting opportunity below 10250.
SBI
Moved from from 1440 to 1820 levels which is 38.2% as per Fib and has retraced. The key is if it was able to sustain and stay above 1820, the next target is 1960 and on the other side with BankNifty's weakness and there is a strong possibility to move to its low of 1400 levels again and so a shorting candidate.
DLF
Found a strong resistance at 172 levels which is 38.2% as per fibonacci levels and there is a very good possibility of testing low of 120 levels again if market underperforms.
Tata Steel
Has always found resistance at 325 at higher levels, if broader market does not support upper move it may find support at 280 and break below could make a move towards 260 levels.
Axis
Found resistance at 1160 levels and if breaks 1060 levels it can back to 950 and to lower levels of 800 provide market underperforms, but there is a possibility of it taking support at 1060 level and go back to 1250 if market support.
TechM
Has taken support at 1265 levels and has started it next move towards 1425 which is key level for making new all time high as we are seeing new highs being made for every pullback
TCS
Made a all time high 2075 and seems to have found support at 1900 levels and is expected to make fresh move towards its high.
http://imageshack.us/a/img822/5360/4i65.jpg
RelCap
Has reversed at 61.8% as per Fib at 370 and has move towards 340 has started if broader market does not support. Move above 370 could lead to 390 and to 420
DrReddy
Has found resistance at 2400 levels in June and has again trading at these levels. Need to close above 2400 levels for it to move to higher
Good market outlook vijay..
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