- The value of the Nifty index rose to a new all-time high of 24999.75 on Monday morning.
- During the Asian session this morning, the German 40 index fell to the level of 28260.0.
Nifty Chart Analysis
The value of the Nifty index rose to a new all-time high of 24999.75 on Monday morning. The index was on the verge of rising for the first time in history to 25000.00. After that, we see a decrease in volume in that area and a slight pullback. This morning, we had a new bullish attempt, which was stopped at 24973.00. The inability to continue further led to the start of a bearish consolidation up to the level of 24840.00. We are testing the weekly opening price here, and the market is currently closed.
It will be interesting to watch how the Nifty opens tomorrow. It could easily happen that we see a bearish gap and a correction before turning to the bullish side again. That could trigger a pullback below the 24800.0 level. Possible lower targets are the 24700.00 and 24600.00 levels. The first additional support is the 50 EMA in the 24650.00 area.
German 40 Chart Analysis
During the Asian session this morning, the German 40 index dropped to the level of 28260.0. After that, the index stabilized and started a bullish consolidation. We are now at 18400.0 and looking for the support of the 200 EMA to continue on the bullish side. By moving above 18450.0, we are back on the positive side above the weekly opening price.
Possible upper targets are the levels of 18500.0 and 18550.0. For a bearish option, we need a pullback of the German 40 index below the level of 18350.0. There, we will test the daily opening price. The index is already under pressure as it fell below the EMA 200 moving average. Overall, this will increase the pressure on the index to start a new pullback to the bearish side. Possible lower targets are the levels of 18250.0 and 18200.0.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
