By Nifty continues to make new all-time highs this week as well
- At market opening on Monday, the Nifty index surged to a new all-time high of 25333.65
- During this morning’s Asian trading session, the German 40 index made a significant move, rising to the 18998.6 level, a new high for the week
Nifty chart analysis
At market opening on Monday, the Nifty index surged to a new all-time high of 25333.65. The movement has been steady in the 25235.00-25320.00 range, with indices showing a slow but consistent rise. The fact that we’ve managed to hold above the support level is a positive sign, suggesting a potential for profit on the bullish side. A break above this week’s high could lead to even higher gains.
There are potential higher targets at the 25350.00 and 25400.00 levels, but it’s important to consider the bearish option. A negative consolidation and pullback below the weekly open price could lead to a new weekly low, increasing the pressure on the Nifty to continue its retreat. Potential lower targets are 25200.0 and 25150.0 levels, so caution is advised.
German 40 chart analysis
During this morning’s Asian trading session, the German 40 index made a significant move, rising to the 18998.6 level, a new high for the week. Shortly after, a pullback to support at the 18830.0 level was initiated. The index found new support and pulled back to 18885.0. The focus now is on a potential continuation to the bullish side and a return above the weekly open price, which would bring us closer to testing this morning’s high.
Potential higher targets are the 19050.0 and 19100.0 levels. For a bearish option, we need a negative consolidation of the German 40 index below today’s low. This confirms the continuation of the bearish side and the formation of a new daily low. Potential lower targets are the 18800.0 and 18750.0 levels. The EMA 200 moving average could provide support if we go back to the 18700.0 level.
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