NIFTY CHART & NIFTY WEEKLY REPORT UPCOMING WEEK FOR MONDAY 14 DEC 2015

DAILY RESISTANCE FOR NIFTY: 7702, 7777, 7910, 7990

PIVOT POINT: 7644

DAILY SUPPORT FOR NIFTY :  7569, 7511, 7378,7245

DAILY CHART FOR NIFTY

WEEKLY RESISTANCE FOR NIFTY: 7796, 7965, 8000, 8100

PIVOT POINT: 7691

WEEKLY SUPPORT FOR NIFTY :  7600, 7522, 7457,7280

WEEKLY CHAT FOR NIFTY

Indian indices closed at their 3-month lows.  It seems that world equity markets continue to remain on tenterhooks ahead of the Fed meet next week. Back home, GST overhang still persists. Traders appears to be concerned on worries that government's ambitious GST Bill is unlikely to be passed in the Parliament .Constant offloading by the FPIs and weakening Indian rupee were among the other worries, which kept the investors and traders on the edge. A data heavy week will get underway next week with investors reacting to IIP data for the month of October on Monday. Moreover, Export-Import data for November, CPI and WPI for November will also be announced next week.  The focus will shift towards the key US FOMC policy meeting next week, wherein Fed Forward rate curves suggest 83% probability of 25 basis points move on the rates. Although a hike In December is a done deal, the language of the policy will be crucial in determining the short term trend.  

 TECHNICAL ANALYSIS FOR NIFTY FUTURE AS PER TECHNICAL,

Sensex opened the week at 25746, made a high of 25785, low of 24930 and closed the week at 25044. The Sensex fell below 25,000 for the second time in a week before recovering to close 0.82 per cent, or 594 points, down at 25,044. This is the Sensex second consecutive weekly fall and is now down 8.9 per cent for the year, the worst ever performance since 2011 when it fell 25 per cent. The Nifty weakened 171 points, or 0.95 per cent, to close at a three-month low of 7,586. The index too slipped below the psychological level of 7,600 in intra day trade before recovering marginally towards the end. The Nifty has lost 2.20 per cent for the week.  Nifty opened the week at 7816, made a high of 7860, low of 7586 and closed the week at 7627.

On the weekly charts, both the indices have formed a real black body candle, for the second week running. On the daily charts, both Sensex and Nifty have formed a Stick Sandwich pattern. This is a bullish reversal pattern which requires confirmation. Thus weekly candlestick pattern suggests bearishness to continue in the near term. both the indices completed a Bearish Head and Shoulders, the target for which falls at Sensex 23276 and Nifty 7092. The hope for now is that the Nifty will find some support around the September low of 7,540.

ABOVE 7700 IT IS BULLS AREA 

BULLS CAN TARGET 7800 AND 7900,
BELOW 7600 BEARS ARE ALSO CAN BE ACTIVE  

BEARS CAN TARGET 7500 AND 7400,