Analysis of Nifty - PnF Approach

Point & Figure alongwith traditional candle bar indicators can build successful trade set-ups.
The next three are weekly, daily and hourly charts respectively.



Weekly chart shows an UP channel broken @ 4995, the same channel and another new DOWN channel will resist it around 5100 - 5120.



Daily Chart shows an intermediate UP channel resistance and also a short-term DOWN channel resistance 5100 - 5110. Subsequent support comes around 4980 - 5020. This should be a buy opportunity.



Hourly chart has two channels.

Sharp UP channel. Intermediate resistance at 5095 - 5100.
Slow UP channel. Channel top resistance at 5100 - 5110.

Overall,
Weekly. Long-term UP trend intact. Medium-term DOWN trend.
Daily. Long-term UP trend intact. Medium-term turning from DOWN to UP trend.
Hourly. Sharp UP trend to Slow UP trend. Some consolidation expected before the next UP move.