Analyzing the Growth of the Nifty Index Above 22000.00
- Last Wednesday, we saw how the Nifty index successfully gained support at the 21600.00 level.
- The previous Monday and Tuesday were bearish for the German 40 index, pulling it to the 16782.5 support level.
Nifty index chart analysis
Last Wednesday, we saw how the Nifty index successfully gained support at the 21600.00 level. Once again, the EMA200 moving average stops our pullback, helping us turn to the bullish side. After that, the index with a bullish impulse jumps to 21800.00 and breaks through the previous bearish formation. Then comes the strengthening of the bullish momentum, and by the end of the week, we saw growth above the 22000.00 level.
This morning, we see the continuation of the bullish consolidation and the jump of the Nifty index to a new all-time high at 22186.65. After forming a new historical value, the index retreated and closed the day at 22116.95. If we manage to hold above the 22000.00 level, we can expect to see further growth, while otherwise a pullback and potential retesting of the EMA200 moving average will follow.
German 40 index chart analysis
The previous Monday and Tuesday were bearish for the German 40 index, pulling it to the 16782.5 support level. Then the index gets support at that level, so on Wednesday we saw a bullish consolidation and a return to the 17000.0 level. The positive for the index is that it has returned above the EMA200 moving average. Thursday brings us the continuation of bullish consolidation, and on Friday, we climb to the 17198.1 level and stop there.
After that, the value of the index begins to pull back to support at the 17080.0 level. Today’s movement keeps us below the 17080.0 level, increasing the pressure on the index to start a pullback. For now, we are in a mild bearish consolidation, and potential lower targets are 17040.0 and 17000.0 levels. In the zone around 17000.0, we again look for support in the EMA200 moving average.
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