Nifty Point & Figure Analysis

Nifty P&F Analysis!!

Date: 6th December 2015

Nifty last closing price: 7781.90

Daily chart

Figure 1 is 10 box P&F chart plotted with daily closing prices. Current pattern is high pole followed after broadening formation as shown in the chart. Trend is horizontal and setup remain neutral. 7800 is anchor point of entire base pattern. Bearish pattern below the same will open multiple counts on the lower side.

Hourly Min Chart

Figure 2 is 10 box P&F chart plotted with hourly closing prices. 7650-7700 can easily be identified as demand zone as multiple bottoms can be seen in current setup around same levels. 7800 is Anchor point that can be seen on hourly chart as well being wide horizontal setup. Bearish pattern below the same will be earlier indication that bottom of 7700 may not remain protected. Higher counts of more than 8070 are open and will get strength if bullish pattern is occurred above 7800.

Figure 3 is X-Percent P&F Breadth indicator of Nifty 50. Indicator is at 44% hence at neutral zone.

In brief

Trend is horizontal and setups are neutral as of now. 7800 is important reference level.

- Prashant Shah, CMT, CFTe

Disclaimer:
All information provided above is for general information purposes only and does not constitute any investment advice. The readers of this material should take their own professional advice before acting on this information.