- In the previous three days, the Nifty index was falling to support at 21,905.65.
- This week has been very positive for the German 40 Index.
Neat chart analysis
In the previous three days, the Nifty index was falling to support at 21,905.65. There, we stopped the decline and started the bullish consolidation again above the 22,000.00 level.
We are also moving above the EMA200, which gives us additional support. This led us to consolidate above the 22100.00 level today. The index is now in a good place to begin an upward consolidation and begin the recovery.
Possible higher targets are 22300.00 and 22400.00 levels. It is possible that we have a smaller resistance at the 50 EMA in the area around the 22350.00 level. We need a pullback and drop in the Nifty below EMA200 for a bearish option to support 21900.00.
New pressure on this support may affect its stability, and the index may slide to a new weekly low. Possible downside targets are 21800.00 and 21700.00 levels.
German40 indicator chart analysis
This week has been very positive for the German40. In the previous hour, we saw a rally to a new all-time high of 18038.7. On Tuesday evening, the index broke the 18,000.0 barrier for the first time. Yesterday we saw a slight decline to the 17930.0 level. There, it got new support, and with the EMA50, we continued to grow to today's high.
Possible higher targets are 18050.0 and 18075.0 levels. For the bearish option, we need to pull back below the 180000.0 level. Next we look at the daily opening price at 17968.0.
Moving below, we drop to the downside and turn to the previous low at 17930.0. By falling below this level, we form a new daily low, which confirms that the index is under pressure and that we will see a pullback. Possible lower targets are 17925.0 and 17900.0 levels.
