Nifty and German 40: Nifty crosses the 22950.0 level

Nifty chart analysis

The Nifty index is currently on an impressive bullish trend, soaring to a new all-time high at 22959.70. This remarkable trend, which commenced at 22502.00 this week, was anticipated to lead to a new all-time high. It’s just a matter of time before it ascends to the 23000.00 level. We triumphantly surpassed last week’s high at the 22795.00 level, further affirming the index’s robustness. 

The Nifty index would have to initiate a new bearish consolidation at least up to 22800.00 levels for a bearish option. In that zone, we would test last week’s high. A pullback below would indicate that the index is losing strength, and a bigger pullback is expected. Potential lower targets are 22700.00 and 22600.00 levels.

German 40 chart analysis

Last night, we witnessed the German 40 index pullback to a new weekly low at the 18580.6 level. However, we managed to hold on to that level and initiate a recovery above the 18700.0 level. We are receiving support from the EMA50 and EMA200 moving averages and anticipate a further recovery to the bullish side. We are currently at the 18740.0 level and are optimistic about moving above the previous high at 18760.0.

Potential higher targets are 18775.0 and 18800.0 levels. We need a negative consolidation and pullback below the 18650.0 level for a bearish option. This pulls us back below both moving averages. This will increase the pressure and negatively affect the movement of the German 40 index. Potential lower targets are 18625.0 and 18600.0 levels.

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