Ethyl Acetoacetate reacted with hydrazine hydrate in the presence of absolute alcohol at 50 0C to give 3-methyl - 1H-pyrazole-5 (4H)-one (1). Which upon reacted with various substituted Indole aldehydes (1a-b) in presence of aceticacid and sodiumacetate afforded the corresponding pyrazole derivatives (2a-b). 1H- 3 methyl - 4-(4- sustituted indole nucleus)- 2a,4-di hydro pyrazolo [3,4-c] pyrazole derivatives (3a-d), (4a-d) were obtained due to cyclocondensation reaction between 2a-b and hydrazine hydrate , phenyl hydrazine hydrochloride , semicarbazide, thiosemicarbazide . Structures of the synthesized compounds have been elucidated by means of IR , H1NMR , and Mass spectral data. Finally obtained compounds were screened for biological activities namely antibacterial, antifungal activities.