Nifty and German 40 indices: Nifty crosses 22500.0 level
- Expectations to see the Nifty pull back at the start of this week came true, but before that, we jumped first to a new all-time high at 22526.60.
- On Friday morning, the German40 index jumped to a new all-time high at 17905.0.
Nifty chart analysis
Expectations to see the Nifty pull back at the start of this week came true, but before that, we jumped first to a new all-time high at 22526.60. This was followed by a pullback, with a new weekly low formed this morning at the 22256.00 level. The index’s daily high was at the 22450.00 level. The index is now under pressure to continue the pullback until a new support level is formed. Here, we are testing the EMA50 moving average and slowly shifting below it.
We need a stronger bearish impulse that would make a concrete step to the bearish side. Potential lower targets are 22300.00 and 22250.00 levels. EMA200’s major support is in the zone around 22000.00 levels. In order to return to the bullish trend, we would have to jump over today’s high at 22450.00. After that, we will have an opportunity for further growth.
German 40 index chart analysis
On Friday morning, the German40 index jumped to a new all-time high at 17905.0. By the end of the day, we were looking at a pullback to support at the 17745.0 level. On Monday, we continue to slide all the way to the 17658.8 support level. Here, we encounter the EMA200 moving average and find its support. German 40 initiates a new positive consolidation and instalments above the 17800.0 level.
Today’s high is at 17871.8, and for now, we are moving below it. The index retreated to the 17780.0 level and is now consolidating around 17800.0. The pressure is now on the support zone to see if it will hold or not. Potential lower targets are the 17760.0 and 17720.0 levels. To return to the bullish side, we would have to move above the 17850.0 level, and after that, we expect a continuation of the recovery.
