Nifty P&F analysis:Trend up. Setup bullish unless below 8840!!

Trend up. Setup bullish unless below 8840!!

Date: 8th March 2015

 

Nifty last closing price: 8937.75

 

Daily chart

Figure 1 is 10 box P&F chart plotted with daily closing prices. Chart remain bullish as it is trading well above bullish trend line. Price has negated High pole bearish pattern which is a bullish event. Double top buy or close above 9000 will generate strong continuation signal. However, chart is bullish and position should remain long unless it closes below 8840 which will trigger another High Pole bearish reversal formation.

 

1 Min Chart

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Price is consolidating on this time frame at the moment. Triple Top buy signal formed recently near lower channel line and lower Bollinger band indicate possible upticks. But Anchor Point resistance is also playing role at current levels. Ticks above 8955 will confirm bullish setup and below 8890 will indicate some weakness. 

 

 

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

 

 

-  Prashant Shah, CMT, CFTe

 

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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.