NIFTY CHART & NIFTY OUTLOOK FOR MONDAY 14 SEPTEMBER 2015

DAILY RESISTANCE FOR NIFTY: 7858, 7927, 8045, 8163

PIVOT POINT: 7809

DAILY SUPPORT FOR NIFTY :  7740, 7691, 7573,7455

DAILY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 7925, 8061, 8381,8701

PIVOT POINT: 7741
WEEKLY SUPPORT FOR NIFTY :  7605, 7421, 7101,6781

WEEKLY CHAT FOR NIFTY:

NIFTY THIS WEEK

After a consolidation, equity benchmarks ended Friday's session on a flat note ahead of July industrial output data due later today. Sensex settled at 25610, down 11.96 points after rising more than 200 points in early trade. The  Nifty rose 1.20 points to 7789 after seeing an intraday high of 7864. Nifty is likely to consolidate around 7800 in the coming week awaiting the outcome from the September 17 FOMC meeting.
TECHNICAL ANALYSIS FOR NIFTY

Nifty future opened gap down followed by further sharp downswing but rebounded from the low of 7690. in a slow upswing which gained momentum towards the close and it closed the day with modest losses. The gap of the previous day was closed completely. 7820-7830 is the immediate resistance which must be decisively crossed for any meaningful rally from here and it seek lower levels again fails to do so. It must close above 7870 for fresh momentum. 7784, 7770, 7750 are important supports but 7714-7700 is the critical support levels for this week. It must sustain decisively above this level on declines to signal halt in selling. A close below 7690 may lead to fresh panic selling.

AS PER TECHNICAL,

ABOVE 7800 IT IS BULLS AREA 

BULLS CAN TARGET 7900 AND 8200,
BELOW 7700 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 7600 AND 7511,

WEEKLY CANDLESTICK PATTERN BULLISH DOJI STAR

The market is in a downtrend and a strong black candlestick further confirms it. The next day opens lower with a gap down, and the trading is in a small range. The day closes at the opening price, causing the formation of a Doji. Bears were in control during the downtrend but now a change is implied by the appearance of a Doji Star, which shows that the bulls and the bears are in equilibrium. The downward energy is dissipating. Things are not favorable for the continuation of a bear market.