What does it mean when someone points with the index finger of one hand whilst the index finger of the other hand is on their nose?

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It means "you got it," "that's it, exactly." It's used while playing Charades, to let your team members know that the letter, word, or phrase you just said is what you were acting out. You team members are expected to remember that correct piece of the puzzle as they continue to guess the entire answer.
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I think it means, "on the money." Like you really got that right and now you understand.
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Litterally it is meant to signify "on the nose", i.e. exactly correct.
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If the person is tapping the top of the end of their nose, I agree with the first answer, that it means you are correct ('right on the nose'). But if they are tapping the side of their nose, that is more along the lines of: it's a secret.
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I think if someone is tapping the side of their nose it means lets do a line__________...
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If they are tapping the side of their nose, it can mean keep your nose clean. In other words, don't get into any trouble.