Nifty P&F analysis

Date: 7th June 2015

 

Nifty last closing price: 8114.70

 

Daily chart (Medium - Intermediate trend)

 

Figure 1 is 10 box P&F chart plotted with daily closing prices.

 

·         Last Pattern: Double bottom sell after column consolidation (Bearish)

 

·         Last Column: Bearish

 

·         45 degree trend: Bearish

 

·         Active count: 8060, 7930

 

Price turned down with column 'O' that triggered long exit level of 8310. Follow up bullish signal did not occur above bullish 45 degree line and price again went below breakout line. Hence we need to look for bearish counts those are active. 8060 and 7930 are active counts from mini tops. Last box value is at 45 degree line support level. Fresh 'O' is required to active short trades from here.

 

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. As shown in the chart down trend from 8465 to 8100 was formed without even a mini top on such lower time frame. That was steep and strong downtrend. Treat for trend followers. Currently some base formation seems to be happening where both side counts are active. 8045 is active at the moment and 8285 will gain strength above 8170.   

 

Fig 1: Nifty dly 10 x 3 cl Point & Figure chart

Fig 2: Nifty 1 min 5 x 3 cl Point & Figure chart

 

            

- 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.