Nifty Point & Figure analysis

Bullish & Range bound!!

Date: 16th August 2015

Nifty last closing price: 8518.55

Above image shows last 5 weekly bars. I have been discussing about this neutral and sideways market though overall trend is bullish.

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

 

Price remained neutral as discussed during last post. It is bullish and range bound on medium term.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Anchor Point levels shown in the last post worked well and price bounced back from 8350. 8600 and 8690 remain reference levels on the higher side. 8400-8420 are significant levels on the lower side.

 

Figure 4 is X-Percent P&F breath indicator of Nifty 50. Last column is bullish of 42% stocks of Nifty 50. And it is coming out from oversold zone which is bullish.

Medium term trend is bullish and higher counts are open but short term trend is range bound. Bullish setup at support levels is an opportunity.

  

 

- 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.