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- Yesterday, the Nifty index rose to a new all-time high of 24,461.05.
- During the Asian session this morning, the German 40 index managed to recover to the level of 18510.0.
Nifty Chart Analysis
Yesterday, the Nifty index reached a new all-time high at 24461.05. After the formation of a new high, the value of the index fell back: with two bearish impulses, we dropped to the level of 24140.00. We received support from the EMA 50 moving average and managed to stay above it. The bullish consolidation has started again and the Nifty is recovering above the level of 24300.00.
We expect the uptrend to continue in the upcoming session and form a new all-time high. Possible upper targets are 24500.00 and 24600.00 levels. For a bearish option, we need a negative consolidation and a drop below the EMA 50 and 24200.00 level. This will significantly increase the pressure on the Nifty to start a fresh pullback. Possible lower targets are 24100.00 and 24000.00 levels.
German 40 Chart Analysis
During the Asian session this morning, the German 40 index managed to recover to the level of 18510.0. We tested the weekly opening price there, but did not have the strength to make a concrete move above it. With resistance at that level, the index started a pullback to the level of 18400.0. Here, we meet the EMA 50 moving average and we will need its support to start a new bullish consolidation.
With a fresh return above the weekly opening price, the chances of seeing a new three-day high increase. Possible upper targets are the 18550.0 and 18600.0 levels. For a bearish option, the German 40 index should first fall to 18375.0 on the EMA 200 moving average. A drop below this level would have a negative impact and strengthen the bearish momentum. Possible lower targets are the 18300.0 and 18250.0 levels.
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