Nifty and German 40 Indices: Nifty is holding above 22000.00

• This week, we observe a retracement of the Nifty index from last week’s high.
• The German 40 index continues its bullish consolidation this week, rising to a new high at 17712.3. 

Nifty Index Chart Analysis

This week, we observe a retracement of the Nifty index from last week’s high. The index value fell this morning to the 21860.65 level, forming the weekly low. There, we encounter the EMA200, which prevents us from falling below and provides crucial support. The index begins to recover, moving to the 22050.00 level. We are once again bullish, returning above the 22000.00 level.

The market is currently closed, and tomorrow, we expect a continuation on the bullish side. Potential higher targets are the 22100.00 and 22150.00 levels. The Nifty will be under significant pressure if it falls below the EMA200 moving average and the 21800.00 level. A bearish consolidation would force the index into retreat, with potential lower targets at the 21750.00 and 21700.00 levels.

German 40 Index Chart Analysis

The German 40 index continues its bullish consolidation this week, rising to a new high at 17712.3. This morning, we saw a jump to a new high, and since then, we have remained high with support at the 17660.0 level. We will likely see an increase to a new level and thus extend the bullish trend. Potential higher targets are the 17750.0 and 17800.0 levels.

We need negative consolidation and a pullback down to the 17600.0 level for the bearish option. There, we would be close to testing the daily open price at the 17575.0 level. A drop below this level would confirm a loss of bullish momentum and a transition to the bearish side. Potential lower targets are the 17500.0 and 17400.0 levels.