Nifty and German 40 Indices: ATH for Nifty on Friday
- On Friday, we watched the Nifty index test the January high at 22126.80.
- On Thursday, we saw GER40 jump to a yearly high at 17028.9.
Nifty index chart analysis
On Friday, we watched the Nifty index test the January high at 22126.80. The previous jump there was on January 16. Looking at this week, we see a pullback below 22000.00 and a bearish impulse to support at the 21761.30 level. The index’s price closed here at the end of the daily market. Looking at the previous week, we can expect to see growth and a continuation on the bullish side in the coming days.
Potential higher targets are 22200.00 and 22300.00 levels. For a bearish option, the index would have to pull back below 21600.00 first and test support in the EMA200 moving average. This moving average has been a support for us since November; if we see a drop below by any chance, it would signal that a bigger pullback of the Nifty index could happen.
German 40 index chart analysis
On Thursday, we saw GER40 jump to a yearly high at 17028.9. This was followed by Friday, which brought us a pullback and descent to support at the 16872.7 level. In that zone, we find support in the EMA200 moving average. The index starts a bullish consolidation and rises to 16964.50 levels. We are back on our way to the 17000.00 level, which we may visit soon.
By moving above it, we would be close to testing the previous high and possibly making the formation of a new one. Potential higher targets are the 17025.00 and 17050.00 levels. For a bearish option, the pullback to this morning’s support level would be the first negative move for the GER40. A drop below the EMA200 would increase momentum for the continued bearish side. Potential lower targets are 16840.00 and 16820.00 levels.
