Nifty and German 40: Nifty again within reach of 23000.00
As we expected, the Nifty index recovered from Tuesday’s fall.
During today’s EU trading session, the German 40 index made a significant move, scaling to a new weekly high at 18784.9 level.
Nifty chart analysis
As we expected, the Nifty index recovered from Tuesday’s fall. Wednesday was very bullish, and the index rose again above the EMA200 and 22600.00 levels. With new support, we are looking at a continuation of the rise to the 22920.00 level today. We were close to getting back above 23000.00, but the Indian market closed. We could see a bullish gap at the opening of the next trading session and a jump above the 23000.00 level.
Potential higher targets are 23250.00 and 23500.00 levels. We need a negative consolidation and a new pullback below the EMA200 moving average for a bearish option. With that, we move to the bearish side and form a new daily low. Potential lower targets are 22250.00 and 22000.00 levels.
German 40 chart analysis
During today’s EU trading session, the German 40 index made a significant move, scaling to a new weekly high at 18784.9 level. However, we encountered resistance at this point and initiated a pullback to the 18700.00 level. Our next objective is to establish support here and retest the previous high. If successful, we could potentially initiate a further recovery on the bullish side from this new position.
Potential higher targets are 18800.0 and 18900.0 levels. We need to pull down to the EMA200 moving average in the 18600.0 zone for a bearish option. That could increase pressure on German 40 and send it to a new low below. Potential lower targets are 18500.0 and 18400.0 levels.
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