NIFTY CHART & NIFTY OUTLOOK FOR MONDAY 05 OCTOBER 2015

DAILY RESISTANCE FOR NIFTY: 8024, 8073, 8158, 8243

PIVOT POINT: 7988

DAILY SUPPORT FOR NIFTY :  7939, 7903, 7818,7733

DAILY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 8107, 8238, 8570,8902

PIVOT POINT: 7906
WEEKLY SUPPORT FOR NIFTY :  7775, 7574, 7242,6910

WEEKLY CHAT FOR NIFTY:

The Sensex  initial gain on Thursday with closed 66.12 points or 0.25% up at 26220. On the same case, the Nifty closed 2 points or 0.03% at 7590. The Nifty has turned from positive to negative in Thursday trading session. Bears tighten the grip below 8200 important mark, as we saw in the last week, nifty future gain 81 points as per weekly closing basis 7896 to 7977. Nifty future finally closed weekly below 8200 important support level. This is the second time weekly closing below 8200 level after June 2015 series low of 7930. Technically overall trend is bullish above 7541 level on larger time frame charts, but short term trend now looking bearish below 8200 level or it will remain bearish for next some weeks unless it will not break and closed weekly above 8200 important resistance mark.

TECHNICAL ANALYSIS FOR NIFTY

Nifty futures opened on a firm note and there was profit booking in the initial stages as it tuned range bound but it picked up momentum towards the end of session and closed on a buoyant note. The level of 7986 is the immediate resistance which needs to be crossed decisively on closing basis for any show of strength by the bulls. It will then come up against the critical resistance zone between 8028 and 8062 and fresh momentum and renewed strength may be expected once these levels too are crossed decisively. A failure to cross these levels may find Nifty futures seeking lower levels yet once again. On the lower side, 7970 is the immediate support level below which it will find support in the 7920-7914 and 7900 region. 7884 is the critical support for now and a breach of this level may result in further unwinding by the bulls. Though the markets are exhibiting early signs of strength, one must exercise caution.

AS PER TECHNICAL,

ABOVE 8024 IT IS BULLS AREA 

BULLS CAN TARGET 8100 AND 8250,
BELOW 7900 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 7800 AND 7700,