Nifty Point & Figure analysis

Date: 19th July 2015

Nifty last closing price: 8609.85

Daily chart (Medium - Intermediate trend)

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

 

·         Last Pattern: Rising bottom Double Top Buy (Bullish)

 

·         Last Column: Bullish

 

·         45 degree trend: Bullish

 

·         Active counts: 8810, 8840

 

·         Long exit level: 8470

 

Long exit level will be trailed up with every formation of 'X.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Reference levels for higher side are 8690 and 8840 which also coincide with the higher timeframe levels hence formations around these levels would be interesting. Levels to looks at lower side are 8460 and 8350.

 

Bullish percent is at 58% and X-percent is again at 82%. So market is moving again to overbought territory for short term traders though momentum is strong.

 



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.