Nifty and German 40 Indices: Nifty continues to rally
- On Saturday, the Nifty index managed to climb to a new historical high at 22405.60.
- The German 40 index is in retreat after rising to 17817.3 on Friday.
Nifty index chart analysis
On Saturday, the Nifty index managed to climb to a new historical high at 22405.60. Yesterday, we saw a slight pullback to support at the 22270.00 level. With a new attempt, we climbed to the 22420.00 level and formed a daily high there. We failed to continue further, and a pullback to 22358.50 levels followed. The market is currently closed, and the last two hours on the chart tell us that we are in a shorter bearish trend.
This could widen a certain bearish gap at the next market opening. Potential lower targets are 22200.00 and 22100.00 levels. For a bullish option, the Nifty would have to move back above the 22400.00 level. Then, we need to maintain above that level. The next new impulse drives the index and has the opportunity to take it to a new high. Potential higher targets are 22500.00 and 22600.00 levels.
German 40 index chart analysis
The German 40 index is in retreat after rising to 17817.3 on Friday. Its value fell this morning to 17630.0 before the start of the EU session. We saw consolidation at that level and the formation of a new low. After that, the index started a new bullish consolidation and returned above 17700.0.
With this momentum, we hope to see a return above the weekly open price. Potential higher targets are 17750.0 and 17800.0 levels. We need a negative consolidation and pullback to this morning’s support for a bearish option. A drop below forms a new daily low and confirms bearish momentum. Potential lower targets are 17600.0 and 17500.0 levels. The EMA200 moving average provides additional support in the zone around 17500.0.
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