Sunday, September 26, 2010

Nifty Point & Figure (PnF) Analysis - Week 20100927 - 1001

Weekly Analysis:

Weekly chart last week suggested 6020 as the target and it reached 6030. The current chart shows in high resistance zone. Even if the UP side continues, it should be limited to 6060 - 6100. DOWN side should first break 5980 and subsequently can face the support at 5820 - 5860.

Daily Analysis:

However, we read Daily chart with a little bias and predicted minor pullback at 5760 level before it could take-off up side, but it did so without testing the down side. This tells that till intermediate profit-booking has not happened.
Now the chart has entered an Accumulation-Distribution zone. The horizontal triangle in formation, with two bases. Break of DOWN side 5940 shall target 5820 - 5840. Or else UP side starts on break of the slant side of the triangle. If it spends more time, the force of the thrust will be quite high on UP side with targets of 6100+.

Hourly Analysis:

Hourly chart reading was comparatively satisfactory. New UP side found on break of the erstwhile intermediate UP channel (maroon). It has entered now a trading zone 5950 - 6040. Break on DOWN side shall either oscillate in the intermediate DOWN channel (maroon) or shall approach towards the previous UP channel (Blue) 5840 - 5860.


Weekly in resistance zone, maximum upside 6060. Daily in congestion zone with DOWN side 5840 - 5860. Hourly in trading zone 5950 - 6040.


Buy price triggered. SL to be maintained as in the last post. Target remains same.

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