- On Friday, the Nifty index rose to a new high of 22,297.50.
- Today we are witnessing the growth of the German 40 index to a new historical level at 17551.9 levels.
Nifty indicator chart analysis
On Friday, the Nifty index rose to a new high of 22,297.50. After forming a new all-time high, the index began to decline to yesterday's support level at 22075.00. The decline stops at this point and creates a new positive consolidation and we return to the 22218.0 level. We are back in a bullish frenzy and expect to visit the previous high by the end of the week and test it again.
Possible higher targets are 22280.00 and 22320.00 levels. For the bearish option, we need a negative consolidation of the Nifty down to the support level of 22075.00. The new pressure can easily break through and form a new weekly low thus getting confirmation of the downward momentum. Possible lower targets are 22040.00 22000.00 levels.
Chart analysis of the German 40 index
Today we are witnessing the growth of the German 40 index to a new historical level at 17551.9 levels. After forming this rally, we are still high above the 17500.0 level. If we get support here, we can try to recover further and continue to the upside. Possible higher targets are 17575.0 and 17600.0 levels.
For a bearish option on the German 40 index, we need to pull back to 17475.0 levels. Consolidation below this level may lead to a new bearish wave and push us to test the 17450.0 level. Below that we return to the previous consolidation and possible downside targets are 17425.0 and 17400.0.
