- The Nifty index continues to rise, rising to 22252.50 levels yesterday.
- This week we saw the upward trend of the German 40 index until forming a new high at 17389.1.
Nifty indicator chart analysis
The Nifty index continues to rise, rising to 22252.50 levels yesterday. A new all-time high was formed at this level. After that, the index value declined, reaching support at the level of 21900.00. From there, we start a new bullish consolidation, going up and confirming the ATH at the 22252.50 level.
The Indian market is currently closed, but we expect to see a jump above and the formation of a new high at the open of the next day. The potential rise targets the 22300.00 and 22400.00 levels.
We need a new pullback to the 21900.00 support level for a bearish option. Falling below that means we are under pressure and will see a pullback in the Nifty. Possible downside targets are 21800.00 and 21700.00 levels.
Chart analysis of the German 40 index
This week we saw the upward trend of the German 40 index until forming a new high at 17389.1. On Monday and Tuesday, the index movement was sideways in the range of 17040.0-17100.0.
On Wednesday, we see how the price starts to rise, which reinforces the bullish consolidation, and by the end of the day, we rose to the level of 17222.0. During the Asian session this morning, the index continues its previous trend and rises to this week's highest level.
After that, the German 40 index fell to the level of 17280.0, gaining new support and starting a new jump. We are very close to breaking above that level and forming a new German 40 index value. Possible higher targets are 17400.0 and 17420.0 levels.
