Nifty and German 40 index: Nifty is back above 22500.0

• The Nifty index price was on the verge of hitting a new all-time high this morning. 
• This morning, the German 40 index rose to a new all-time high at 18541.6.

Nifty index chart analysis

The Nifty index price was on the verge of hitting a new all-time high this morning. We stopped at the 22516.00 level, and the check was followed by a pullback to support at the 22260.00 level. We got that support and recovered to 22343.00, where the market closed. Tomorrow we could expect to see a continuation to the bullish side and a possible conquest of a new high.

Potential higher targets are 22500.00 and 22600.00 levels. Nifty would have to pull back to 22200.00 levels for a bearish option. This is where we come across the EMA50 moving average.

Even better support is slightly below to 22100.00, the EMA200  moving average. If we lose that support as well, then the Nifty will be in a bigger problem, which would reflect badly on the value of the index. Potential lower targets are 22000.00 and 21900.00 levels.

German 40 index chart analysis

This morning, the German 40 index rose to a new all-time high at 18541.6. After that, in the Asian session, we saw a pullback that continued in the EU session to a new daily low at 18473.0 level. If pressure on the index continues, we remain under pressure to pull back to a new low. Potential lower targets are 18450.0 and 18425.0 levels.

Additional possible support for German 40 is the EMA50 moving average in the zone around 18440.0 levels. If we were to return above the 18525.0 level, we could test the daily open price. Above it, we move to the positive side, and after that, we can expect a continuation to the bullish side. Potential higher targets are 18550.0 and 18575.0 levels.