Nifty P&F analysis: Some breathing likely!!

Some breathing likely!!

Date: 8^th Sept 2014

Nifty last closing price: 8086.85

Daily chart

Figure 1 is 10 box value chart plotted with daily closing prices. Column of ‘X’ is still continuing and length is 54 boxes now. Close below 8080 will turn to column ‘O’. Intermediate trend is clearly up and any ‘X’ above 7845 is opportunity to trade long.

Hourly Chart

Figure 2 is 10 box value chart plotted with hourly high-low prices. Tick above 7970 discussed during last week worked well and long column of ‘X’ managed to beat several upper counts. Currently, last signal is Double bottom sell in this chart which is a signal to exit longs in the uptrend. A mini bottom will be formed at current levels if price goes above 8130. Anchor Point of the move is at 7900 levels.

1 Min Chart

Figure 3 is 5 box value chart plotted with closing prices of every minute. Price is trading below bearish line for a while and several downside counts up to 7955 are active now. Current pattern is Triple bottom sell which is bearish. And chart will remain bearish unless price goes above 8125.

Lower time frame charts are turning down and will not be bullish unless price trades above 8130. Larger trend is up with many active higher counts and any ‘X’ or bullish signal above 7845 will be an opportunity to trade long for medium term traders. 

Figure 1: Nifty daily 10 x 3 CL Point and Figure Chart

Figure 2: Nifty 60 min 10 x 3 HL Point and Figure Chart

Figure 3: Nifty 1 min 5 x 3 cl Point and Figure Chart

 -  Prashant Shah, CMT, CFTe

Disclaimer:
All information provided above is for general information purposes only and does not constitute any investment advice. Company or Author shall not be liable for loss or damage that may arise from use of information provided above. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The readers of this material should take their own professional advice before acting on this information.