Nifty Analysis - Point and Figure Charting Method

Nifty P&F (Wk 1207-1907) - Reached mid-term resistance line, profit booking to be expected

2016-07-06T12:14:00.000+05:30

Recap:

Test of faith would have wonderfully worked, nifty bounced back from the channel bottom. While we expected 6750, it happened at 6800 itself. Nice 1400 pts movement from there.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly chart has BrRL & expected profit booking in mid term.
Daily chart also coincides reaching the VPO.
Hence, profit booking is solicited in mid-term. Long-term outlook stays bullish though.

Nifty P&F (Wk 1502-1902) - daily chart targets 6750, weekly chart support 6600

2016-02-13T12:34:00.004+05:30

Recap:

It has reached the channel bottom.

Weekly Analysis:

Daily Analysis:

Summary:

Daily chart has a VPO target of 6715-6750.
Weekly chart shows long-term BlSL at 6600. VPO in the chart is 6450. I would guess this would be the ultimate support. Breaking these levels are really bad for real long-time.
This also gives us wonderful opportunity with a test-of-faith that these levels hold for long-term investment.

Nifty P&F (Wk 0802-1202) - the oscillating channel controlling the price movement, nice trade opportunity

2016-02-06T17:32:00.001+05:30

Recap:

Though the range has broken 7500, still price is oscillating inside the channel with all the possibilities to break upside.

Weekly Analysis:

Daily Analysis:

Summary:

Daily chart indicating breaking 7615 would mean a break out of BrRL. On weekly chart 7000, is the support on BlSL.

Nifty P&F (Wk 3108-0409) - consolidation would end beyond this range - (7550 - 8000)

2015-12-05T22:34:00.000+05:30

Sorry for the delayed update ... however, the market has not gone anywhere.

Recap:

It was more of a correction - time bound. Still going on.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly chart is getting pressure on the BrRL & therefore oscillating within the channel. The consolidation has more possibility to break upside
The Daily chart is showing strength to break up the BrRL.
Breaking above 8000, could take it to 8400 & that break would mean a new bull run. Breaking down 7690 could support 7550.

Nifty P&F (Wk 3108-0409) - watch out the nature of fall; 8170 would arrest the fall else downward supports 7300 >> 7000 >> 6300

2015-08-29T18:23:00.001+05:30

Recap:

Both 7916 & 7885 have been broken.

Weekly Analysis:

Daily Analysis:

Summary:

Weekness that was visible finally gave in. Sudden gap down fall has hit the VPO & in very short-term expecting a bit more consolidation before it resumes the fall. However, in the process of consolidation, if it crosses 8170, the fall could be arrested.

Weekly VPO is looking at a target of 6350. If the fall is a meltdown it might be soon. else, it might do the movement in the weekly channel. Supports in that case could be 7300 followed by 7000. My take is it's more of correction than a fall.

Nifty P&F (Wk 0405-0805) - likely support at 7915, followed by 7885. If both fail, fresh assessment.

2015-05-03T11:15:00.001+05:30

Recap:

"Nifty P&F (Wk 0501-0901) - If 8000 held, likely to test 9000 before bending!"

On 31st Dec, my last post this was the reading. Market moved till 9100 & now bent and nearing 8000.

Weekly Analysis:

Daily Analysis:

Summary:

Since 9000, almost 1000 points corrections have happened already. There is sufficient weakness in the chart. Weekly chart closing below 7915 could be the first sign. Daily chart showing a VPO of 7885. If a reversal does not happen from here. We'll have to look for a fresh downard target from weekly chart.

Excel free tool for Point & Figure (P&F) charting

2015-01-07T20:17:00.004+05:30

Reposting as the link has been updated through dropbox link.

This is a little contribution from my side. Over the years, I have developed this point and figure software. Standard softwares in the market are costing around $25 - $150, but this excel-based software is free of cost.

Features of this software:

Simple excel-based software; does not require any installation
Can draw on both High-Low price method & Close price method
Can follow a wyckoff method of plotting for 1-point reversal
Scales can be altered, rounded off as per trader's preference
Automatic data retrieval from http://finance.yahoo.com/
Manual data can also be used
Any box-reversal is possible
Charts can be used for any time-frame data
Change in month is identified in the chart itself
Suggests suitable block-size for the available data-set
And many more for you to explore ...

Acknowledgement:

Some person in some forum had shared a base-level code. But it was quite faulty both fundamentally & technically. I don't remember that person's name. But I sincerely thank that person for having made this work possible.
Also I thank my e-Guru, iLango, for inspiring me to do the act of sharing to the trading community.

The link to download the file can be accessed from this link here.

Nifty P&F (Wk 0501-0901) - If 8000 held, likely to test 9000 before bending!

2014-12-30T21:13:00.003+05:30

Recap:

Price did not go till 7500, it reversed from 7700 only.

Weekly Analysis:

Daily Analysis:

Summary:

I was expecting a reasonable correction on reaching VPO, however recent consolidation HPO indicates a potential of reaching 9000 before buckling down. Provided it does not break the BlSL at 8000.

Nifty P&F (Wk 1309-1709) - Correction in all likelihood is on till 7510!

2014-10-11T21:29:00.000+05:30

Review:

A reversal has triggered 400+ points, is it over let's see!

Weekly Analysis:

Daily Analysis:

Summary:

BlSL giving support at current price if breaks a chance to visit 7510. Looking at the weekly chart, in all likelihood the correction is not over. Some red 'O's are to be printed before it starts the upmove again.

Nifty P&F (Wk 0809-1209) - 8250 is there, a pause or reversal, weekly VPO target 11200!

2014-09-07T22:48:00.000+05:30

Review:

In May it was set for 8250, it has reached there. Very effective long-term investment technique.

Weekly Analysis:

Daily Analysis:

Summary:

VPO reaching near 8250, likely to pause near short-term. Till the VPO of weekly chart set for another 17 pts (on Logarithmic scale of 0.02) it would mean 11200! God knows when!

Nifty P&F (Wk 2605-3005) - VPO on weekly chart set at 8250, short-term resistance at 7450!

2014-05-25T22:41:00.001+05:30

Weekly Analysis:

Daily Analysis:

Summary:

VPO on weekly chart 8250. Daily chart getting resistance at BrRL @ 7450, breaking it up will resume the movement.

Nifty P&F (Wk 3103-0403) - Price has reached VPO of weekly chart, fresh longs to be avoided

2014-03-29T22:07:00.002+05:30

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern : DT BO
Daily pattern : Multiple DT BO.
HPO (D) : -
VPO (D) : -
BlSL (D) : 6500
BrRL (D) : -
BlSL (W) : 5935
Sorry have been away from market actively for quite some time due to some emergency. Have a long backlog. Looking for hourly data of Nifty spot for the month of March, if anybody has it please share it.

Nifty P&F (Wk 2402-2802) - Selling pressure till 6225, however bullishness expected above 6300

2014-02-22T21:27:00.003+05:30

Recap:

Got sold at 6135 once, got bought also at 5980. However, it broke out of the triangle on long-side.

Weekly Analysis:

Daily Analysis:

Summary:
Weekly pattern : Likely high-pole reversal.
Daily pattern : DT BO.
HPO (D) : -
VPO (D) : 6225
BlSL (D) : 6010
BrRL (D) : 6225
BrRL (W) : 6290

Overall the selling pressure is visible in both Daily & Weekly charts. A confluence around 6225 indicates some action around it. Wait for the direction there.

Nifty P&F (Wk 1002-1402) - trading opportunity between 6135 - 5980

2014-02-09T11:51:00.002+05:30

Recap:

Break of 6255 followed another 275 points fall.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern : Likely high-pole reversal.
Daily pattern : High pole reversal.
HPO (D) : -
VPO (D) : -
BlSL (D) : 5950
BrRL (D) : 6135
BrRL (W) : 6290

Two opposing high-pole reversal in two time-frames indicate a range-bound movement for some time till the contracting triangle (under formation) in daily chart gets resolved.

Nifty P&F (Wk 2701-3101) - Failure of 6255 may activate the bearish nature in short term.

2014-01-26T12:37:00.002+05:30

Recap:

6355 acted twice as resistance.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern : Spread Top BO.
Daily pattern : DT (Double Top) BOF (Break Out Failure).
HPO (D) : -
VPO (D) : 6450
BlSL (D) : 6256, 6041
BrRL (D) : 6351

If it breaks the the BlSL(D), it's going to get bearish. However, if gets supported, may continue the upmove.

Nifty P&F (Wk 0601-1001) - Immediate term bearish till 6355. Fall may continue till 6100 or 5920.

2014-01-05T11:02:00.000+05:30

Recap:

A one-box fake-out by 3 points. Expected 6355 but went till 6358.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern : Spread Top BO.
Daily pattern : High Pole Reversal.
HPO (D) : -
VPO (D) : 5862
BlSL (D) : 6100, 5920
BrRL (D) : 6288-6320

Nifty P&F (Wk 3012-0301) - Reasonably bullish, above 6355, strength returns.

2013-12-29T16:12:00.002+05:30

Happy New Year 2014. Wish you a very Prosperous & Profitable year ahead!
==================================================================================

Recap:

Daily weakness kept the price soft, but still not cleared 6355!

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern : Spread Top BO.
Daily pattern : Rising Bottm, Double top BO buy. BrRL hit.
HPO (D) : -
VPO (D) : 6350
BlSL (D) : 6225-6256
BrRL (D) : 6320-6350

Nifty P&F (Wk 2312-2712) - Weekly strong, daily weak. Above 6355, strength returns.

2013-12-22T18:59:00.001+05:30

Recap:

Look at the chart BlSL 6100-6130 level played as support.

Weekly Analsysis:

Daily Analysis:

Summary:

Weekly pattern : High pole.
Daily pattern : Rising Bottm (yet to confirm)
HPO (D) : -
VPO (D) : -

BlSL (D) : 6160-6190
BlSL (W) : -

Nifty P&F (Wk 1612-2112) - Short-term weakness in support zone till 6100

2013-12-15T21:51:00.000+05:30

Recap:

As said the bull strength still remains. VPO (D) 6370 was achieved.

Weekly Anlaysis:

Daily Analysis:

Summary:

Weekly pattern : Semi-Catapault.
Daily pattern : High pole.
HPO (D) : Achieved
VPO (D) : Achieved

BlSL (D) : 6100-6130
BlSL (W) : 5745

Nifty P&F (Wk 0912-1312) - Till 6155 current Bull trend in-tact

2013-12-08T12:38:00.001+05:30

Recap:

Break-out got stronger by leaps.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern : Semi-Catapault.
Daily pattern : Double Top break-out.
HPO (D) : 6310-6340
VPO (D) : 6370

BlSL (D) : 6155
BlSL (W) : 5745

Nifty P&F (Wk 0212-0612) - Break-out in all charts buy till 6060!

2013-11-30T17:47:00.001+05:30

Summary:

I still say the long-term looks quite good.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern - Semi-Catapault.
Daily pattern - Double Top & BrRL break-out.

High probability that longs will be sustained. Buy at every opportunity of pullback till 6090 & exit longs at 6060 level. As of now multiple channel (BlSL) support lies till 5880 level.

Note:

As you see from the charts, there have been few key changes:

Scale changed to logarithmic

Weekly - 2% (Box Size) & 3 (reversal)
Daily - 0.5% (Box Size) & 2 (reversal)

Simple signal (Double Bottom / Top break-out) wherever applicable

Also I'll try to make my analysis more relevant to the books of Point & Figure. Let me know, how you like the changes.

Free P&F Tool Update - with % price based logarithmic scaling

2013-11-23T22:56:00.001+05:30

It gives me immense pleasure to share with you that I've upgraded my tool to incorporate % based logarithmic scaling. This was perhaps one of the important features that was not available in the tool.

Benefits:

Flexibility to plot long-range data.
No need to maintain a table of price-box mapping
Can play short, medium & long-term easily from the chart.

Link for Download

Download Link

http://www.4shared.com/office/66YAQxZ8/p_fchart_free.html

Instructions:

Go to chart sheet
In the cell C4 (left side of "Scale Multiple"), there are two values in the drill down - L (Logarithmic) & N (Natural)
For L

The "Block Size" (cell E2) should be mentioned in decimal (i.e. 10% = 0.1, 1% = 0.01, 0.5% = 0.005 etc.)
The ScaleM will not work here. So leave it at 1. Don't try to alter it to get surprises.

For N

As earlier, the "Block Size" (cell E2) should be mentioned in the box amount (e.g. 2, 10, 100 etc.)
The ScaleM will work here, so if you want in the multiple of 5 or 10, put them likely.

I hope with this you become more rich in your trading & finance.

For further reading on P&F setting (including scaling), you can refer here:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:pnf_charts:pnf_scale_time

Note:

I expect the users of this tool to be necessarily savy with basic Microsoft Excel skills. So don't expect any manual on this tool from me. If you have any specific query on the usage of the tool, you can always ask me on this blog (preferably in the latest post, as I rarely visit my old posts).

Credit:

This development was possible because a gentleman called Mr. Praveen Pentakota brought this requirement to my notice. Thanks a lot Praveen.

Nifty P&F (Wk 1811-2211) - Short-term resistance ahead, long term looks good! A New release of the tool coming soon!

2013-11-17T19:21:00.001+05:30

Recap:

Was grossly wrong in gauging the market. It was 6000 & not 6100!

Summary:

Weekly chart is still quite strong! Daily is down with a pullback & some immediate resistance lined up till 6186.

Weekly chart is showing significant accumulation with repeated attempts of new highs. I'm somehow of the opinion that the current stage is simple pullback.

Note:

Please see this post does not have any chart because I'm working on my excel tool to incorporate a % based scaling (semi-log) & expect to share with you all very soon.

Thanks to Praveen Pentakota, who brought this requirement to me. I also got a copy of Heinrich Weber & Kermiet Zieg, suggested by Praveen, and after completing the book, I realize that it's a necessity to have this scaling facility in a P&F tool.

So expect this tool to be available very soon!

22 Yards ... 24 Years ... there was a man beyond that ... Thank you Sachin!

2013-11-16T14:25:00.001+05:30

It showed today ...

Not the Numbers ...

Not the Skills ...

Not the techniques ...

But Humility makes a man greater than life ... You taught so much more to me today! Thank you Sachin!

Nifty P&F (Wk 1111-1511) - 6100 a strong support

2013-11-09T13:51:00.001+05:30

Recap:

Minor support @6100 proved quite strong.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pause, Daily down. Daily Channel support, Fib38 & previous resistance break-out, suggesting strong support @6100. Weekly pivot support has got more room till 6060.

The second leg will determine the whether correction is on or the failure of the break-out has trapped the bulls.