Nifty Point & Figure (PnF) Analysis - Week 201011 - 1015

Weekly Analysis:

Weekly chart breaking above the channel perhaps in the making of a new channel and thereby a new territory ... if that's what happens, we are definitely breaking the all time high!
The minor hiccups and perhaps second zone of consolidation before it takes off the all time high might happen at 6300 - 6380 zone! Weekly correction shall restrict itself to a maximum of 5860. A good buying point for industry specific equities.

Daily Analysis:

Daily chart shows that after hitting almost the bottom of the intermediate UP channel has started moving up. Might get resisted half-way at 5160 and then starts moving DOWN again for 5980 zone! This shall be a low-risk buying zone.

Hourly Analysis:

Hourly chart has established an intermediate DOWN channel. Now moving up, should meet minor resistance at 5160 and start moving downwards to break this channel and meet the previously built heavy support zone at 5950 - 5970 zone.

Summary:

In short-term, expect 5160 to push it back to 5960 - 5980. Buy at this zone (5960 - 5980). However, weekly chart is still not giving a clear picture (remember a correction upto 5860!). But for that one thing is sure daily & hourly chart has to break 5940!

ISPATIND (Daily Chart):

ISPATIND is forming a huge consolidation / distribution zone! If it's consolidating, it has to break 24.15 and PO is 30+. If it's distributing, it has to break 21.9. We hold our position till it is resolved!