Weekly chart shows no sign of weakness. Going strong on UP side with a very high target of 5800. Immediate DOWN side if any should get supported at 5380 - 5400 level.
Daily Analysis:
Daily chart after a consolidation at 5400 - 5420, convincingly moved up. Facing a resistance near the top of the rising channel. Might retest the channel top at 5560 - 5580. If resisted, support comes back at 5440 - 5460. It should be a good buy zone.
Hourly Analysis:
Hourly chart also broke out of the converging rising channel. Facing a double top resistance, it might break out of the resistance and it should be a good buy zone. Or, it can again get into a congestion zone. In this case, the gravity of the congestion can get it pulled down to 5475 - 5480 level. This also can be a good buy zone.
Summary:
Nothing indicates much downside. Any pullback should be a good buying opportunity.
TIPS:
PnF is very useful to identify support & resistance. One following this should not take a position (buy / sell) on the first instance of breaking the support or resistance. It generally gives at least three instances near the zone to enter the position.
Weekend Investment :
I thought of introducing this also in addition to Nifty PnF. If I find any of the large cap charts attractive shall try to post.
DLF Daily Chart
DLF Daily Chart has just broken out of the congestion zone. Showing a great potential to move UP. One can buy at low risk at 327 - 328 and with SL of 309.
Would request readers to leave their comments if they wish to.
Dear Rajib,
ReplyDeleteFor Intra-day Nifty P&F chart what should be the box size and no. of reversal boxes? Can you pls provide the AFL code link for P&F in Amibroker for intra-day.
Thanks & Regards.
Veer
Dear Veer,
ReplyDeleteSorry, I don't have any AFL code for PnF charts. The one I put up here is an excel application that you can download from the link given on the top right corner.
Regards
Dear rajib,
ReplyDeleteThank you,
Veer