Nifty index and German 40: Nifty hits a new high at 22783

Nifty chart analysis

This April 30, the Nifty index climbed to a new all-time high value of 22783.35. In the past two weeks, we have overcome all obstacles that have taken us to a new high. We expect the Indian market to close soon and the price to remain above the 22750.00 level. A strong bullish trend would create a bullish gap at the opening tomorrow and send us to a new high. Potential higher targets are 22800.00 and 22900.00 levels.

We need a negative consolidation and pullback to at least the 22600.00 level for a bearish option. With that step, we move below the daily open price, which shifts us to the negative side. After that, if the bearish momentum continues, the Nifty will be forced to search for a new support level. Potential lower targets are 22500.00 and 22400.00 levels.

German 40 chart analysis

German 40 is in retreat after forming the weekly high yesterday at the 18237.7 level. We fell below the weekly open price at 18176.5 in the EU session. This added pressure on the index, pushing it down to 18100.0 and the EMA50 moving average. During this morning’s Asian session, we see consolidation in that zone until the start of today’s EU session. We then saw a break below the EMA50 and a drop-down to the EMA200 at the 18015.6 level.

We were close enough to test the 18000.0 level. Potential lower targets are 17975.0 and 17950.0 levels. We need positive consolidation and support from the EMA200 moving average for a bullish option. After that, we need to go back above the 18100.0 level. With that, we will test the EMA50, and we have to move above for further continuation and bullish side. Potential higher targets are 18150.0 and 18175.0 levels.

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