Nifty and German 40: Nifty rises unstoppably to new high

Nifty chart analysis

The Nifty index continues to hit new all-time highs one after the other. We saw that this morning after the formation of a new high at the 24837.75 level. Before that, the index made a retest at the weekly open price and started a bullish consolidation. We are now at 24779.35, and the market has closed here. It is possible that we will see some pullback at the opening of the next session in order to consolidate to a new bottom from which we would once again move to the bullish side.

Potential lower targets are 24600.00 and 24500.00 levels. There is great support at the weekly open price of 24500.00, where we come across the EMA 50 moving average. For a bullish option, we need a positive consolidation and a break above the previous high. This continues the previous bullish trend and forms a new all-time high. Potential higher targets are 24900.00 and 25000.00 levels.

German 40 chart analysis

The German 40 index continues the bullish trend that started two weeks ago. Last night, we saw the formation of a new higher low at the 18335.0 level, after which the index stabilized and started growing up to the 18490.0 level. We are now at 18470.0 and testing the EMA 200 moving average support. We need a small impulse that would move us above and thus increase the optimism to continue on the bullish side.

Potential higher targets are 18550.0 and 18600.0 levels. For a bearish option, we need a negative consolidation of the fall of the German 40 index below the previous low at 18335.0. This step strengthens the bearish momentum that could push the index to a lower level, thereby strengthening the bearish trend. Potential lower targets are 18300.0 and 18250.0 levels.

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