Nifty has been having some big swings. It fell from 11800 to 10800 in September and from that low it rallied to 12000. Last week it fell and tested 11600 levels. So what is the view going forward?
See the chart below which is a 0.1%X3 Point and Figure chart of Nifty.
The last red column shows the fall to 11660 levels. After that it has risen to 11875. As long as we trade above 11660 on a closing basis the trend is bullish.
The same levels are shown in the chart below which is a more common candlestick chart.
The green marking shows the level of 11660. This is a 60 minute chart. The moving averages are aligned. So as long as we don’t break 11660 we are set for a bullish move ahead.
But as mentioned in earlier posts, with the US elections around the corner, volatility will be high, so be nimble and trade with caution.