Nifty Point & Figure analysis

Turned down!!
Date: 23rd August 2015

Nifty last closing price: 8299.95

Daily chart (Medium - Intermediate trend)

 

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

 

·         Last Pattern: Double Bottom Sell (Bearish)

·         Last Column: Bearish

 

·         45 degree trend: Bullish

 

·         Active counts: 8050

 

·         Short exit level: 8400

 

Trend has turned to down from neutral and generated a bearish trade. Current bearish signal has activated 8050 on the lower side. 45 degree trend will remain bullish till 8050 is maintained on closing basis.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. 8050 on the lower side is key reference level. 8370 - 8380 on the higher side may act as significant resistance.

 

Figure 4 is X-Percent P&F Breadth indicator of Nifty 50. It has reached 24% hence approaching oversold zone.

Trend has turned down on all time frames. Trailing 'O's is the idea.

 

 

- 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.