Nifty climbs above 23480.00, German 40 under pressure

Nifty chart analysis

During this morning’s Asian session, the Nifty index rose to a new all-time high at 23481.05. After that, the movement was kept stable in the zone of 23400.00 levels. With the opening of the next session, we can expect to see a new bullish impulse and growth to a new high. Potential higher targets are 23600.00 and 23800.00 levels.

For the bearish option, we need negative consolidation and pullback of the Nifty index value below the 23200.00 level. So, we will move below the weekly open price and be on the negative side. After that, we can expect to see a further pullback and a search for new support. Potential lower targets are 23000.00 and 22800.00 levels. Additional support for the index is the EMA200 and the 22750.00 zone.

German 40 chart analysis

German 40 index rose to 18654.7 level last night. After the formation of the weekly high tu, the pair makes a bearish gap and begins to retreat. Support at 18600.0 did not last, and with a couple of bearish impulses, the value of the index retreated to the 18386.6 support level. For now, we are getting that support and recovering slightly to 18450.0. If the support holds, we can expect a rally to higher levels. Potential higher targets are 18475.0 and 18500.0 levels.

In the 18550.0 zone, we will test the EMA200 and the weekly open price again. We need a negative consolidation and a drop below today’s low at the 18375.0 level for a bearish option. It will only strengthen the current bearish momentum and lower the German 40 to a new lower low. Potential lower targets are 18350.0 and 18325.0 levels.

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