- Nifty continues to dominate by climbing to a new all-time high of 22,768.40.
- Last week, the value of the German 40 index jumped to a new all-time high of 18568.8.
Neat chart analysis
Nifty continues to dominate by climbing to a new all-time high of 22,768.40. After the new high, the pullback to the support level at 22600.00 began. We are under a little pressure here to continue lower for better support. Possible downside targets are 22500.00 and 22400.00 levels. Additional support in the area around 22,500.00 is the EMA50, which was also a good support for us last week.
For the bullish option, we need to get back above the 22700.00 level. This would bring us significantly closer to the transitional summit. The new test could easily make the rally at the top reach a new high. Possible higher targets are the 22800.00 and 22900.00 levels.
German chart analysis 40
Last week, the value of the German 40 index jumped to a new all-time high of 18568.8. Then, continuing into Friday, we saw a pullback and drop to the support level of 18085.5. During yesterday, the index was in an upward consolidation, reaching levels of 18330.0. There we encounter resistance and form a lower high compared to the previous high. This was a signal to us that we were going to see another pullback, and that is exactly what happened.
The German 40 Index is now at 18185.0 and on track to form a weekly low. We are very close to testing the support area on Friday. We are currently under pressure to decline further and continue the bearish consolidation we saw last week. Possible lower targets are 18120.0 and 18080.0 levels.
