Nifty and German 40: Nifty again makes a new all-time high
Yesterday, the Nifty index rose to a new all-time high at 24461.05.
During this morning’s Asian session, the German 40 index managed to recover to 18510.0 levels.
Nifty chart analysis
Yesterday, the Nifty index rose to a new all-time high at 24461.05. After the formation of a new high, the index’s value fell into retreat: With two bearish impulses, we went down to the 24140.00 level. We got support from the EMA 50 moving average and managed to hold above. Bullish consolidation has started again, and Nifty is recovering above the 24300.00 level.
We expect to see the bullish trend continue in the next session and form a new all-time high. Potential higher targets are the 24500.00 and 24600.00 levels. For a bearish option, we need a negative consolidation and a drop below the EMA 50 moving average and the 24200.00 level. This will significantly increase the pressure on the Nifty to start a further pullback. Potential lower targets are the 24100.00 and 24000.00 levels.
German 40 chart analysis
During this morning’s Asian session, the German 40 index managed to recover to 18510.0 levels. We tested the weekly open price there but didn’t have the strength to make a concrete step above it. With resistance at that level, the index initiated a pullback to the 18400.0 level. Here, we meet the EMA 50 moving average and will need its support to initiate a new bullish consolidation.
With a new return above the weekly open price, the chances of seeing a new three-day high increase. Potential higher targets are 18550.0 and 18600.0 levels. For a bearish option, the German 40 index should first drop to 18375.0 on the EMA 200 moving average. A fall below this level would have a negative impact and strengthen the bearish momentum. Potential lower targets are 18300.0 and 18250.0 levels.
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