NIFTY TECHNICAL REPORT DAILY & WEEKLY CHARTS FOR NEXT WEEK 07-09 -2015

DAILY RESISTANCE FOR NIFTY: 7762, 7864, 8031, 8198

PIVOT POINT: 7697

DAILY SUPPORT FOR NIFTY :  7595, 7530, 7363,7196

DAILY CHAT FOR NIFTY:

WEEKLY RESISTANCE FOR NIFTY: 7944, 8224, 8660,9096

PIVOT POINT: 7788
WEEKLY SUPPORT FOR NIFTY :  7508, 7352, 6916,6480

WEEKLY CHAT FOR NIFTY:

NIFTY THIS WEEK

Bear hug dragged down domestic equity markets for the fourth consecutive week and to their lowest levels in over a year on weak global cues coupled with China slowdown fear and continuous selling pressure by foreign institutional investors. Key benchmark indices plunged over 4 per cent during August 28 and September 4.The  Sensex lost 1,190 points at 25,201 for the week ended September 4. Nifty also dipped by 346  point at 7,655  during the same period.

Sensex dives 563 pts, posts biggest weekly loss in 4 years.The Sensex crashed more than 2 percent on Friday to end at lowest closing level since July 2014. The sharp fall was mainly driven by consistent outflow of money on global worries. There was also a caution ahead of US jobs data due later on friday, which will decide whether Federal Reserve will hike rate or not. The Nifty saw worst closing level since August 2014, down 167 points or 2.15 percent to 7655. The Sensex plunged 562 points or 2.18 percent to 25201.

TECHNICAL ANALYSIS FOR NIFTY

In last previous sessions, as we have predicted that in NIFTY BEARS CAN MOVE TOWARDS 7750 And nifty was achieved target of 7750 made low of 7632.20 in this week..7620-7595 zone is the immediate support for this index, below which it is likely to get support in the 7530 region. At this juncture, 7595 is a critical support region and fresh selling may be expected if this is decisively breached. Below 7630 resumption of the downswing will be signalled. On the higher side, 7762  is the immediate and it must sustain above this region for some meaningful pullback.

AS PER TECHNICAL,
NIFTY FORMING DOUBLE BOTTOM PATTERN IN CHART,
SUPPORT AT 7688, IF NIFTY HOLD 7688, THEN,
LITTLE PULL BACK UP TO 8244-8333 IS ON CARD,
BUT THE OVERALL TREND REMAIN BEARISH

NOW THE WEEKLY PIVOT IS 7788,
ABOVE 7762 IT IS BULLS AREA 

BULLS CAN TARGET 8111 AND 8200,
BELOW 7620 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 7550 AND 7500,

 DOUBLE BOTTOM PATTERN:

A double bottom occurs when prices form two distinct lows on a chart. A double bottom is only complete, however, when prices rise above the high end of the point that formed the second low. The double bottom is a reversal pattern of a downward trend in a stock's price. The double bottom marks a downtrend in the process of becoming an uptrend. Double bottoms are often seen and are considered to be among the most common of the patterns. Because they seem to be so easy to identify, the double bottom should be approached with caution by the investor.