Nifty has broadly been consolidating the last few weeks. What next for Nifty?
Point & Figure charts are a very objective method of getting levels on Nifty as it removes the element of time. In that sense Point & Figure charts plot price action and is noiseless.
The above chart of Nifty shows the move from the covid lows in March 2020. It is a 0.1%X3 daily chart. Nifty will begin the next move up if we close above 15200. It will continue to be bearish and if it closes again below 14540.
Between 14540 and 15200 it can continue to consolidate for some more time. So keep a close watch on these levels.