Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

Analyzing the Growth of the Nifty Index Above 22000.00

Analyzing the Growth of the Nifty Index Above 22000.00

Last Wednesday, we saw how the Nifty index successfully gained support at the 21600.00 level.
The previous Monday and Tuesday were bearish for the German 40 index, pulling it to the 16782.5 support level.

Nifty index chart analysis

Last Wednesday, we saw how the Nifty index successfully gained support at the 21600.00 level. Once again, the EMA200 moving average stops our pullback, helping us turn to the bullish side. After that, the index with a bullish impulse jumps to 21800.00 and breaks through the previous bearish formation. Then comes the strengthening of the bullish momentum, and by the end of the week, we saw growth above the 22000.00 level.

This morning, we see the continuation of the bullish consolidation and the jump of the Nifty index to a new all-time high at 22186.65. After forming a new historical value, the index retreated and closed the day at 22116.95. If we manage to hold above the 22000.00 level, we can expect to see further growth, while otherwise a pullback and potential retesting of the EMA200 moving average will follow.

German 40 index chart analysis

The previous Monday and Tuesday were bearish for the German 40 index, pulling it to the 16782.5 support level. Then the index gets support at that level, so on Wednesday we saw a bullish consolidation and a return to the 17000.0 level. The positive for the index is that it has returned above the EMA200 moving average. Thursday brings us the continuation of bullish consolidation, and on Friday, we climb to the 17198.1 level and stop there.

After that, the value of the index begins to pull back to support at the 17080.0 level. Today’s movement keeps us below the 17080.0 level, increasing the pressure on the index to start a pullback. For now, we are in a mild bearish consolidation, and potential lower targets are 17040.0 and 17000.0 levels. In the zone around 17000.0, we again look for support in the EMA200 moving average.

 

The post Analyzing the Growth of the Nifty Index Above 22000.00 appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Stock

    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

    Investing

    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Investing

    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Disclaimer: thefreedomright.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2020-2024 The Freedom Right. All Rights Reserved