This page will display the Nifty P&F chart or point and figure chart. We will also discuss creating point and figure charts, trend information, deciphering this technique and setting the chart attributes.
Nifty P&F Chart – Updated End Of Day
What is the Point and Figure Chart?
The point and figure charts consist of X and O columns. It is one of the oldest forms of charting. In the USA P&F charting has been found to exist since 1870 or so. It is a totally different technique of following prices because it does not focus on volume and it does not focus on time.
In any other kind of chart, we have time on the horizontal bar. But P&F charts focus only on the difference in price. That means this chart mainly following the volatility. Suppose the VIX goes crazy and the market swings 10% in a single day, that kind of volatility is difficult to handle with a time-based chart.
So support and resistance areas that can take weeks to form in bar or candlestick charts will take days to form in a point and figure chart. Trend lines, moving averages, all sorts of different indicators you can also apply them to a point and figure chart. To understand P&F charts you may read my other blog post. From this post, you can also download and read the powerpoint presentation by Jeremy Du Plessis, the guru of P&F charting.
In the P&F charts Xs represent an up move and Os represents down moves. The chart above shows the Nifty point and figure chart. This chart is updated daily at the end of the day. You can clearly understand the support and resistance areas of Nifty from this chart. Targets also reflect time to time from this chart. The targets will be written on the chart box if projected.