Nifty P&F analysis

Mixed - Overbought!!
Date: 26th July 2015

Nifty last closing price: 8521.55

Daily chart (Medium - Intermediate trend)

 

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

 

·         Last Pattern: Double Top Buy (Bullish)

·         Last Column: Bearish

 

·         45 degree trend: Bullish

 

·         Active counts: 8810, 8840

 

·         Long exit level: 8520

 

Long exit level will be trailed up with every formation of 'X. Double bottom sell signal & Bull Trap will be formed if price closes below 8520.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute.

8490-60 seems support zone when we look at left for previous peaks & troughs. Anchor Point is at 8360 on the lower side which is a key area and expected to be seen. 8690, 8840 are the reference levels on 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.

Nifty Point & Figure analysis

Date: 19th July 2015

Nifty last closing price: 8609.85

Daily chart (Medium - Intermediate trend)

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

 

·         Last Pattern: Rising bottom Double Top Buy (Bullish)

 

·         Last Column: Bullish

 

·         45 degree trend: Bullish

 

·         Active counts: 8810, 8840

 

·         Long exit level: 8470

 

Long exit level will be trailed up with every formation of 'X.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Reference levels for higher side are 8690 and 8840 which also coincide with the higher timeframe levels hence formations around these levels would be interesting. Levels to looks at lower side are 8460 and 8350.

 

Bullish percent is at 58% and X-percent is again at 82%. So market is moving again to overbought territory for short term traders though momentum is strong.

 



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.

Nifty Point& Figure analysis

Neutral !!

Date: 12th July 2015

Nifty last closing price: 8360.55

Daily chart (Medium - Intermediate trend)

 

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

 

·         Last Pattern: High Pole (Bearish)

 

·         Last Column: Bullish

 

·         45 degree trend: Bullish

 

·         Active counts: 8810, 8840

 

Long exit level of 8400 (High Pole) is triggered hence trade position is neutral at the moment. Fresh 'X' is signal to trade long. Close below 8300 will be bearish and open count of 8140.

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Sustenance above 8375 is bullish and 8270, 8130 are reference levels if price corrects more.

 

Bullish percent is at 54% and X-percent has come down from 80% to 52% which has made market back to neutral. It was the reason I was mentioning overbought market since last 2 weeks.

 

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.

Nifty Point & Figure analysis

Remain Bullish & Overbought!!

Date: 5th July 2015

Nifty last closing price: 8484.90

Daily chart (Medium - Intermediate trend)

 

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

·         Last Pattern: Bear Trap, Bullish engulfing (Bullish)

 

·         Last Column: Bullish

 

·         45 degree trend: Bullish

 

·         Long exit level: 8400 (High Pole)

 

·         Active counts: 8810, 8840

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Trend is bullish but at resistance. Anchor Points placed at 8270 and 8130 levels are reference levels if price corrects from here.

 

Bullish percent is at 54% and X-percent is at 80%.

 



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.

Nifty Point & Figure analysis: Bullish & Overbought!!

Bullish & Overbought!!

Date: 28th June 2015

Nifty last closing price: 8381.10

Daily chart (Medium - Intermediate trend)

 

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

·         Last Pattern: Bear Trap, Bullish engulfing (Bullish)

 

·         Last Column: Bullish

 

·         Long exit level: Negative column reversal

 

·         45 degree trend: At 45 degree resistance line

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Trend is bullish but at resistance. Anchor Points placed at 8270 and 8130 levels are reference levels if price corrects from here.

 

I discussed Bullish Percent P&F Breadth indicator of Nifty when it was below 20% & in oversold zone. It is at 42% currently meaning 21 stocks from Nifty 50 are bullish.

 

X-percent which is a breadth indicator for shorter term has entered in overbought zone of 80%. Meaning that Current column is bullish of 40 stocks from Nifty 50 on 1% box value. It indicates short term column consolidation or some price correction.



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.

Nifty Point & Figure analysis

Date: 22nd June 2015

  

Nifty last closing price: 8224.90

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

·         Last Pattern: Bear Trap, Bullish engulfing (Bullish)

·         Last Column: Bullish

·         45 degree trend: Below bearish line, Bounced back from 45 degree support lines with bear trap formation

 

 

Bullish engulfing is pattern when double top buy signal & Low Pole formation occur in the same column. It is signal to trade long with stoploss placed at column reversal.

Bullish percent and X-percent breadth indicators discussed during last write-up worked well. Market bounced from oversold zones. We discussed about meaningful bounce. Interestingly, P&F target of 7930 is exact bottom of current move. Associating price setups to breadth is effective trading strategy.

 



Fig 1: nifty dly 10 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.