- The Nifty index continues to hit new all-time highs one after another.
- The German 40 index continues the upward trend that began two weeks ago.
Nifty Chart Analysis
The Nifty index keeps hitting new all-time highs one after another. We saw this this morning after the formation of a new high at the level of 24837.75. Before that, the index retested the weekly opening price and started a bullish consolidation. We are now at 24779.35, and the market has closed here. We may see some pullback at the opening of the next session to consolidate at a new low from where we would again move towards the bullish side.
Possible lower targets are the 24600.00 and 24500.00 levels. There is strong support at the weekly opening price of 24500.00, where we meet the EMA 50 moving average. For a bullish option, we need a positive consolidation and a break above the previous high. This continues the previous uptrend and forms a new all-time high. Possible upper targets are the 24900.00 and 25000.00 levels.
German 40 Chart Analysis
The German 40 index continues the bullish trend that started two weeks ago. Last night, we saw the formation of a new higher low at the level of 18335.0, after which the index stabilized and started growing to the level of 18490.0. We are now at 18470.0 and testing the support of the EMA 200 moving average. We need a small push to take us above it and thus increase optimism to continue on the bullish side.
Possible upper targets are the levels of 18550.0 and 18600.0. For a bearish option, we need a negative consolidation of the German 40 index falling below the previous low at 18335.0. Such a move strengthens the bearish momentum that could push the index to a lower level, thus strengthening the bearish trend. Possible lower targets are the levels of 18300.0 and 18250.0.
!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’);
