Nifty index and German 40: New all-time high for German 40
The previous bearish consolidation of the Nifty index was stopped on Monday at the 21821.05 level.
A new all-time high for German 40 was formed on Friday at the 18846.8 level.
Nifty chart analysis
The previous bearish consolidation of the Nifty index was stopped on Monday at the 21821.05 level. After which we get support at that level and start a recovery going back above the 22000.00 level. This morning, we saw a continuation of yesterday’s bullish consolidation up to the 22272.00 level. We managed to move above the EMA50 moving average and gain its support. The market is closed, and Nifty’s value has dropped to 22223.80.
We are close to the EMA200 moving average, which is at the 22300.00 level. We hope for a bullish gap at the beginning of the opening of the next trading session. By crossing above the EMA200 moving average, we hope for a new bullish momentum for further recovery. Potential higher targets are 22400.00 and 22500.00 levels.
German 40 chart analysis
A new all-time high for German 40 was formed on Friday at the 18846.8 level. After that, we stopped at that level and started pulling back below the 18800.0 level. On Monday, the index falls below the weekly open price and breaks the support from Friday at the 18750.0 level. Bearish consolidation continued today, and the value of German 40 slipped to 18682.7 levels, forming a new weekly low.
This leads to a switch below the EMA50 moving average and thus only increases the pressure on the index. Potential lower targets are 18660.0 and 18640.0 levels. We need a positive consolidation and a return above the 18740.0 level for a bullish option. Then we would have to hold up there, in order to create a position for a further continuation to the bullish side. Potential higher targets are 18760.0 and 18780.0 levels.
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