Nifty P&F analysis: 'X' on all time frames!!

'X' on all time frames!!

Date: 26th Oct 2014

Nifty last closing price: 8014.55

Daily chart

Figure 1 is 10 box value chart plotted with daily closing prices. Trend has been up on daily time frame and now gained strength with Triple Top Buy along with Bear Trap signal occurring above 45 degree trend line on the same column. New Mini-Bottom is formed at 7750. Chart is bullish and every correction is opportunity to trade long unless it goes below trend line drawn from recent bottom of 7750.

1 Min Chart

Figure 3 is 5 box value chart plotted with closing prices of every minute. Triple Top buy signal discussed during last week worked well and 7890 was beaten. Price generated some whipsaws after achieving the same and witnessed broadening formation. But it was again broken up and formed Triple Top again which achieved the target in the same column. Price has turned bullish on lower time frames also and should remain the same till it maintains 7910.  

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

Figure 2: Nifty 1 min 5 x 3 cl Point and Figure Chart

Figure 3: Nifty 1 min 10 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.