Nifty under heavy pressure: German 40 steady on Tuesday

• The price of the Nifty index has been moving in a rising bullish channel for a week now.
• Yesterday, we saw the German 40 index rise to 17820.0.

Nifty chart analysis

The price of the Nifty index has been moving in a rising bullish channel for a week now. During this morning’s Asian session, we see the initiation of a bearish consolidation and a drop below the EMA 200 moving average. Once again, we are on the negative side, where the chances of a further pullback are increasing. The market is closed, and we must wait for the next session.

Potential lower targets are 24100.00 and 24000.00 levels. For the bullish option, Nifty has to come back above the EMA 200 and 24300.00 level. After that, we need to stabilize there and make a step up to the 24500.00 level. Thus, we move to a new weekly high, after which the chances of further progress to the bullish side increase. Potential higher targets are 24600.00 and 24700.00 levels.

German 40 chart analysis

Yesterday, we saw the German 40 index rise to 17820.0. At that level, we met the EMA 200 moving average, which stopped further progress to the bullish side. This morning, we made a new attempt to move above the EMA 200, but again, we had no success. The index had to pull back and form a daily low at the 17660.0 level. For now, it is successfully holding above that level and struggling to stay close to the EMA 200 moving average.

German 40 could jump over the EMA 200 with a new impulse and eliminate the bearish pressure. A push to 17900.0 should give enough room for the index to consolidate before continuing to the bullish side. Potential higher targets are the 18000.0 and 18100.0 levels.

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