Nifty and German40 Indices: German40 crosses 18000.0 level
In the previous three days, the Nifty index was in a pullback to support at 21905.65.
This week has been very positive for the German 40 index.
Nifty chart analysis
In the previous three days, the Nifty index was in a pullback to support at 21905.65. There, we stopped the decline and initiated a bullish consolidation back above the 22000.00 level.
We are also moving back above the EMA200 moving average, which gives us additional support. This led us to consolidate above the 22100.00 level today. The index is now in a good place to initiate a bullish consolidation and start a recovery.
Potential higher targets are 22300.00 and 22400.00 levels. We could have a smaller resistance in the EMA50 in the zone around the 22350.00 level. We need a pullback and a fall in the Nifty index below EMA200 for a bearish option to support 21900.00.
New pressure on this support could influence it to hold, and the index could slide to a new weekly low. Potential lower targets are 21800.00 and 21700.00 levels.
German40 index chart analysis
This week has been very positive for the German40 index. In the previous hour, we saw a rise to a new all-time high at 18038.7. On Tuesday evening, the index broke through the limit of 18000.0 for the first time. Yesterday, we watched a slight pullback to the 17930.0 level. There, I got new support, and with the EMA50 moving average, we continued the growth to today’s high.
Potential higher targets are 18050.0 and 18075.0 levels. For a bearish option, we need a pullback below the 180000.0 level. After that we look at the daily open price at 17968.0 level.
Moving below, we descend to the bearish side and turn to a previous low at the 17930.0 level. Falling below this level, we form a new daily low, confirming that the index is under pressure and that we will see a pullback. Potential lower targets are 17925.0 and 17900.0 levels.
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