Nifty and Stock Analysis by using point and figure: CHART STUDY THROUGH POINT AND FIGURE

Dear all

In previous week I recommended sell call of nifty below 6100 with stop loss of 50 point (column reversal) for the target 5930 and my view worked well and nifty finally touched 5972 and from there it bounced …

Now If nifty without taking a fresh high ,if close below 5980 (closing basis) then we may see further down side till 5350. These all are my assumption and on basis of assumption we should not take trade .Lets price tell us what to do ?? So from here nifty should take up side move till 6150-6190…

Below are tcs chart where you can see in closing method there is a bull trap and in HIGH-LOW method also showing relative high so I have recommend to sell below 2012 (closing basis)

SELL TCS IF CLOSE BELOW 2012 SL 2040 TGT 1910 ,1880 ++

Below I have attached wiprochart . In this chart I relised that from last couple of days this stock is moving in very narrow range (475-490) so I am expecting some expension in range and in HIGH-LOW method it has given buy signal so…