Nifty goes to new all-time high again, German 40 recovers

Nifty chart analysis

The Nifty index continues its bullish trend, climbing to a new all-time high this morning at the 24401.00 level. After that, we saw a slight pullback to the 24285.00 level. We expect to find support here to continue the bullish side. At the opening of this morning’s session, we had a bullish gap from 24286.00 to 24373.00 levels. Since the gap is closed, there is a good chance of seeing a new bullish impulse and the formation of a new high.

Potential higher targets are the 24450.00 and 24500.00 levels. We need a negative consolidation and pullback to the 24200.00 level for a bearish option. This will create a new daily low and confirm the beginning of a bearish scenario. Potential lower targets are the 24100.00 and 24000.00 levels.

German 40 chart analysis

The German 40 index has been in a bullish trend since Tuesday and fell to the 18026.5 level. Yesterday, we saw a bounce above the EMA200 moving average. With new support, we continued to grow. During this morning’s Asian session, the value of the index rose to 18469.9, forming a new weekly high there. Potential higher targets are the 18750.0 and 18500.00 levels.

In the last few hours, we have seen the German 40 index pullback from the previous high. It is now at the 18430.0 level and moving towards 18400.0, the daily open price. The impulse below will create a new daily low and thus confirm the bearish momentum. Based on this, we expect the index to pull back to a new support level. Potential lower targets are the 18375.0 and 183500.0 levels.

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