Nifty P&F analysis

Mixed - Overbought!!
Date: 26th July 2015

Nifty last closing price: 8521.55

Daily chart (Medium - Intermediate trend)

 

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

 

·         Last Pattern: Double Top Buy (Bullish)

·         Last Column: Bearish

 

·         45 degree trend: Bullish

 

·         Active counts: 8810, 8840

 

·         Long exit level: 8520

 

Long exit level will be trailed up with every formation of 'X. Double bottom sell signal & Bull Trap will be formed if price closes below 8520.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute.

8490-60 seems support zone when we look at left for previous peaks & troughs. Anchor Point is at 8360 on the lower side which is a key area and expected to be seen. 8690, 8840 are the reference levels on higher side.



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.