Nifty Point & Figure analysis

Bullish & Range bound!!
Date: 2nd August 2015

Nifty last closing price: 8532.85

Daily chart (Medium - Intermediate trend)

 

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

 

·         Last Pattern: Low Pole (Bullish)

 

·         Last Column: Bullish

 

·         45 degree trend: Bullish

 

·         Active counts: 8810, 8840

 

Below 8520 Price witnessed sharp fall to 8320. But bounced back again and formed Low Pole bullish formation. I prefer double top buy signal after Low Pole or 100% pole formation to long but one can long at current levels being Low Pole above 45 degree trend line with stoploss placed at column reversal (3 boxes).

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Mentioned that 8360 is expected to be seen due to overbought breadth numbers. Price went below 8360 and took support near previous low 8320. Breadth is neutral at the moment and range bound move is expected though trend is bullish. 8415 and 8375 are reference level on lower side. And 8600, 8690 are the key levels to watch on the 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.