Nifty Point & Figure analysis

Nifty P&F Analysis!!

Date: 15th November 2015

Nifty last closing price: 7762.25

Daily chart

Figure 1 is 10 box P&F chart plotted with daily closing prices. Last formation is bearish 100% pole along with broadening formation as discussed in the last post. Pattern has seen follow through and activated lower count of 7290. Anchor point of the current setup is at 7800 where a halt or hovering is expected. Exit level for shorts is placed at 7830 now which will trigger double top buy formation.  

Hourly Min Chart

Figure 2 is 10 box P&F chart plotted with hourly closing prices. Down count of 7710 was discussed during last post. Trend is down but formation near this level should be monitored. 7930 - 7960 is a resistance zone.

Figure 3 is X-Percent P&F Breadth indicator of Nifty 50. Indicator is at 22% and approached oversold zone.

In brief

Trend is down and further lower counts are active. 7680 -7700 is reference zone on the lower side and  7930 - 7960 on the higher side.

- 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.