Nifty and German 40: Nifty rises to a new all-time high
- This morning, the Nifty index rose to a new all-time high at 25192.90
- During this morning’s Asian session, the German 40 initiated a strong bullish consolidation
Nifty chart analysis
This morning, the Nifty index rose to a new all-time high at 25192.90. In the previous four days, we were in constant bullish consolidation, which caused the value of the Nifty index to rise to a new high. After that, we had a slight pullback but quickly found support at the 25000.00 level. The Indian market is now closed, and we will have to wait for the next session before taking the next step.
Everything indicates that we will continue to grow and win higher levels. Potential higher targets are 25200.00 and 25300.00 levels. For a bearish option, Nifty would have to first pull back below the 25000.00 level. After that, we can expect a strengthening of the bearish momentum, which would negatively affect the index. Potential lower targets are 24900.00 and 24800.00 levels. The first support is EMA 50 in the zone of 24900.00 levels.
German 40 chart analysis
During this morning’s Asian session, the German 40 initiated a strong bullish consolidation. We saw a jump to a new August high at the 18936.7 level. After that, the index took a slight step up to the 18900.0 level, where it gained new support. We hope to continue on the bullish side and climb to higher levels. Potential higher targets are the 18950.0 and 19000.0 levels.
For a bearish option, we need a negative consolidation and pullback down to the 18850.0 level. The formation of that low German 40 could indicate that it is under pressure and that a deeper pullback is to follow. Potential lower targets are 18800.0 and 18750.0 levels. We expect additional support in the EMA 50 moving average in the 18750.0 zone.
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