Nifty Point & Figure analysis

Neutral!!
Date: 13th September 2015

Nifty last closing price: 7789.30

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: Bearish

·         Active counts: 7480

 

Close above 7830 will form Bullish 100% Pole pattern which can be traded with stoploss placed at column reversal.

 

1 Min Chart (Short term trend)

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. 7845- 7865 discussed during last post. Price high of the week was 7864.85. Support area at lower side are placed at 7745 and 7650 as shown in the chart.

Figure 3 is X-Percent P&F Breadth indicator of Nifty 50. Reading is 64% at the moment which is neutral. This indicator helped us last week to read oversold markets though trend was down. Price witnessed sharp bounce.

 

 

- 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.