Nifty index and German 40: German 40 again above 18000.0

Nifty chart analysis

At the market’s opening on Friday, the value of the Nifty index fell to 21777.65 level. We quickly consolidated there and started a recovery above the 22000.00 level, and the market closed at 22147.00. On Monday, the index makes an immediate bullish gap at the market’s opening and moves above the EMA200 moving average.

It receives moving average support and continues up to 22450.00. There, we form a new weekly high, and by the close of the market, the index has fallen to support at the 22360.00 level.

We remain above EMA200, which is positive, and we can expect further recovery to the bullish side. Potential higher targets are 22500.00 and 22600.00 levels. If we were to pull back below the EMA200, we would be back on the bearish side again, and after that, we can hope for a further pullback.

German 40 chart analysis

The German 40 index is back above the 18000.0 level again. Last night, we received support by crossing the EMA200 moving average at 17900.0. During the Asian trading session, we managed to hold above the support, and now we see a continuation of the bullish consolidation up to the 18044.0 level. We expect to move to a new high by the end of the day and thus confirm the bullish trend.

Potential higher targets are 18100.0 and 18150.0 levels. We need a negative consolidation and pullback below the EMA200 and 17850.0 levels for a bearish option. We then go to the daily low and confirm the bearish momentum. After that, we look at the weekly open price at the 17700.0 level. This is the next critical point for us to stay for a possible further recovery. Potential lower targets are 17650.0 and 17600.0, last week’s levels.

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