- During the Asian session this morning, Nifty rose to the level of 25073.10
- For the fourth consecutive week, the German 40 index is in an upward trend
Nifty Chart Analysis
During the Asian session this morning, the Nifty rallied up to the level of 25073.10. The index came very close to testing the all-time high of 25078.30. We failed to do so and a bearish consolidation started up to the levels of 24997.00. The Indian market is now closed and the price has remained below the level of 25000.00. We might see a continuation of the bearish side in the next session and a pullback to a fresh low.
At the opening of the market on Monday, we had a bullish gap. If the pullback continues, the Nifty could close that gap before continuing towards the bullish side. Possible lower targets are the 24900.00 and 24800.00 levels. An additional support is the EMA 50 moving average in the 24800.00 area. For a bullish option, we need a positive consolidation above the 25000.00 level. After that, we expect a test of the previous high and a jump to a new all-time high. Possible upper targets are the 25100.00 and 25200.00 levels.
German 40 Chart Analysis
For the fourth week in a row, the German 40 index is in an uptrend. Today we have seen the formation of a new August high at the level of 18731.6. We currently have some resistance at that level and are slightly pulling back to the level of 18688.0. We are now trying to get some new support here to get back to the bullish side again. Possible upper targets are the levels of 18740.0 and 18760.0.
For a bearish option, the German 40 would have to pull back to the weekly opening price of 18627.0. There, the index would be under pressure to make a step down to a new low. With this, we move to the downside and increase the pressure on the index to start pulling back. Possible lower targets are the levels of 18600.0 and 18580.0.
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