Nifty index continues to rise, German 40 forms a new high

• The Nifty index continues to rise, climbing to 22252.50 levels yesterday. 
• This week we watched the bullish trend of the German 40 index until forming a new high at 17389.1. 

Nifty index chart analysis

The Nifty index continues to rise, climbing to 22252.50 levels yesterday. A new all-time high was formed at that level. After that, the value of the index retreated to support at the 21900.00 level. From there, we start a new bullish consolidation, climb up, and confirm the ATH at the 22252.50 level.

The Indian market is currently closed, but we expect to see a jump above and the formation of a new high at the opening of the next day. Potential higher target us 22300.00 and 22400.00 levels.

We need a new pullback to the 21900.00 support level for a bearish option. A fall below would mean we are under pressure and will see a pullback in the Nifty index. Potential lower targets are 21800.00 and 21700.00 levels.

German 40 index chart analysis

This week we watched the bullish trend of the German 40 index until forming a new high at 17389.1. On Monday and Tuesday, the movement of the index was sideways in the 17040.0-17100.0 range.

On Wednesday, we see how the price starts to rise, reinforcing the bullish consolidation, and by the end of the day, we have climbed to the 17222.0 level. During this morning’s Asian session, the index continues the previous trend and rises to this week’s high.

After that, German 40 retreated to 17280.0, getting new support and starting a new jump. We are very close to breaking above and forming a new German 40 index value. Potential higher targets are 17400.0 and 17420.0 levels.