- As expected, the Nifty index rose above 25000.00, forming a new all-time high.
- During the Asian session this morning, the German 40 index first rose to the 18575.3 level and formed a new weekly high.
Nifty Chart Analysis
As expected, the Nifty index broke above 25000.00 and formed a new all-time high. The value of the new high was 25078.30, while now we are at the level of 25004.00. The Indian market is currently closed and the value of the index has remained very high. In the next trading session, we can expect further continuation of the uptrend and the formation of a new all-time high.
The possible upper targets are 25100.00 and 25200.00 levels. For the bearish option, the Nifty would have to drop to the level of 24900.00. With that, we drop below the psychological level of 25000.00. After that, the index should continue up to 24800.00, where it would test the weekly opening price. The possible lower targets are 24700.00 and 24600.00 levels.
German 40 Chart Analysis
During the Asian session this morning, the German 40 index first rose to the level of 18575.3 and formed a new weekly high. The joy was short-lived; shortly after, we saw the beginning of a bearish consolidation and a fall to the level of 18240.0. A weekly low was formed at that level. For now, we have support at that level, but the index is still under pressure to start a new pullback.
Possible lower targets are the 18250.0 and 18200.0 levels. For a bullish option, the German 40 index would have to break above the 18450.0 level first. Then, it needs to stabilize there above the weekly opening price and find support from the EMA 200 moving average. If it succeeds in this, it will have a chance to rise above the daily opening price and test this morning's high. Possible upper targets are the 18600.0 and 18650.0 levels.
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