Nifty Point& Figure analysis

Neutral !!

Date: 12th July 2015

Nifty last closing price: 8360.55

Daily chart (Medium - Intermediate trend)

 

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

 

·         Last Pattern: High Pole (Bearish)

 

·         Last Column: Bullish

 

·         45 degree trend: Bullish

 

·         Active counts: 8810, 8840

 

Long exit level of 8400 (High Pole) is triggered hence trade position is neutral at the moment. Fresh 'X' is signal to trade long. Close below 8300 will be bearish and open count of 8140.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Sustenance above 8375 is bullish and 8270, 8130 are reference levels if price corrects more.

 

Bullish percent is at 54% and X-percent has come down from 80% to 52% which has made market back to neutral. It was the reason I was mentioning overbought market since last 2 weeks.

 

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.