Saturday, September 4, 2010

Nifty Point & Figure (PnF) Analysis - Week 20100906 - 0910

Weekly Analysis:

Weekly chart bounced off the intermediate UP channel. Now facing a double top resistance in this zone up to 5580. Breaking which will be a new high. And eventually the target could be really high near 5800! DOWN side has lined-up multiple support zones 5500 - 5460 - 5380. Break of 5380 only can ensure the last line Bullish support at 5200 - 5220 level.

Daily Analysis:

Daily chart shows a heavy consolidation filling-up the entire channel. This definitely talks about the force of this mass. Anyway break-out will be quite phenomenal. A temporary DOWN channel (Blue dotted) break-out has happened. If the uptrend continues, immediate UP side resistance 5580 (don't expect a double top phenomenon at this congested zone). DOWN side support still acting at 5350 - 5370 level.

Hourly Analysis:

Hourly chart shows a positive break-out from the temporary DOWN channel and looking UP towards the immediate resistance zone (Red dotted line) at 5550. DOWN side support first comes 5400 followed by 5360.


It looks like 5540 - 5550 will be targeted. If broken on UP side, LONG can be taken at any pullback. Or else Short.

DLF Daily:

DLF Daily chart has found a new UP channel support at 296 level. There is a temporary DOWN channel (Maroon dotted) which is offering resistance now. If broken further resistance at 325 level (the old one!). However, breaking this will have UP side target of almost 350 level. DOWN side supports come at 299 - 301 level. LONG can be exited at this point.

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