This blog attempts to analyze movement of Nifty through the age-old Point & Figure method.
Weekly chart would imply the movement of Nifty for the weeks to come and not necessarily the immediate next week. Same is true for other time frame charts. As price action unfolds every week the charts speak for due course of action.
DISCLAIMER: NOTHING IN THIS BLOG SHOULD BE TAKEN AS TRADE ADVICE
Tuesday, May 15, 2012
Nifty P&F (Wk 1405-1805) - Still support around 4900 level
Recap:
Though 4925 broken it's holding above 4900!
Weekly Analysis:
Daily Analysis:
Summary:
Weekly & Daily down. A long-pole in daily chart & a weekly channel support at 4900 level suggest an immediate support near-by.
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