Nifty Point & Figure (PnF) Analysis - Week 0205 - 060511

As I won't be available from tomorrow onwards for sometime, I'm blogging today with one more day to spare to the week. I'm changing my professional career. Getting from a relatively slower pace to a very fast one, perhaps. I don't know how much I'll be able to dedicate time to my lovely blog and my passion "Nifty"; and of-course to my continuous learning "to trade".

My apology if I can't blog every week. However, I shall try my best to do so. A few points to remember only for traders who follow P&F:

• Intra-day is not for us. Even not with the hourly charts.
• Trade the weekly trend.
• Get support from daily chart.
• Look for reverse trend in hourly chart to initiate the trade.

If we do so, there won't be more than 2-3 trades in a month. I believe 14-15 successful trades in a year is good enough than 100 success & 100 failures.

Weekly Analysis:

Daily Analysis:

Hourly Analysis:

Summary:

Weekly, Daily & Hourly on support line. Break of each will signify gradual weakness. 5700 once again would be decider.

Nifty Point & Figure (PnF) Analysis - Week 2504 - 290411

Weekly Analysis:

Daily Analysis:

Hourly Analysis:

Summary:

Weekly & Daily to break-out 5950 level. Hourly UP.

Refer last week's post. First 5900 level acted as resistance, next 5700 given support. Now back to 5900 level. Watch out 5940 - 5970 zone, above it BULL below it BEAR.

Infosys worth a buy?

Infosys - A critical evaluation from Point and Figure Space

On backdrop of top management restructuring and Mr. Pai leaving, there has been a huge sell-off in Infosys. This stock, as indicated in one of our friendly blogs http://o-j-n.blogspot.com/2011/04/nifty-composition-weightage-and-its.html, holds 8.9% of index weightage! Therefore, quite understandably is equally utilized by both investors & traders for long-term investment and hedging. Getting a low-priced entry in these blue chips is everybody's dream. So this special edition is for evaluating whether this 9.6% sell off is worth the buy for a 8.9% index heavy-weight?

Weekly Analysis:

Daily Analysis:

Analysis:

On weekly chart we find a 45-degree BrRL has given the resistance at 3310 level after 4 months top (3520 level at Jan beginning). As per book, this is a classic case of resistance keeping in mind a long-term resistance. Before it resolves its direction, it's going to get into a consolidation triangle. Breaking on either side only will take the fresh direction.

Let's have a glance at the daily chart. Another classical case of 3:1 trend line support. Generally, a trend line gives support thrice for an ongoing trend. 4th time 95% (well intuitive figure) chances of breaking below this trendline, consolidate and resume its new trend (UP or DOWN). Here too it has broken. Still in the phase of consolidation. Trying to hold the pivot-line (Blue horizontal line - a long-term tussle zone between bulls & bears). A 45-deg line has been broken mildly with huge volume on the last day of trading. Suggesting another round of sell-off should be initiated soon.

Summary:

The stock is very near to the weekly trendline ("A trend line is the least resistance line" - WD Wyckoff). Therefore, the risk is very less. I think a buy at this point could be taken for short-term with a SL of 2920. However, long-term is very weak for the scrip.

Nifty Point & Figure (PnF) Analysis - Week 1804 - 230411

Weekly Analysis:

Daily Analysis:

Hourly Analysis:

Summary:

Weekly down. Hourly & Daily locked in contracting triangle. Resistance 5900. Support 5700 level.

When you have a plan stay away from the market visit only twice a day 09:15 - 09:30 and 15:15 - 15:30.

Nifty Point & Figure (PnF) Analysis - Week 110411 - 0415

Weekly Analysis:




Daily Analysis:

Hourly Analysis:

Summary:

Weekly halted. Daily & Hourly reversed. There is no unanimity across different time frames about supports. It  chronology across different time frames 5765 >> 5700 >> 5615 >> 5570.

Nifty Point & Figure (PnF) Analysis - Week 110404 - 0408

Weekly Analysis:

Daily Analysis:

Hourly Analysis:

Summary:

Daily & Weekly UP, Hourly in a triangle. Daily & Weekly resistance 5910 - 5980. Hourly break on DOWN side target 5625.

Bearish sentiment has been firmly thrashed by this steep movement in all time-frame charts. A fall is soon to emerge. The nature of the fall will determine the future course of action for Bulls. Deciding level for bears will be 5650 level.