Nifty and German 40 indices: GER40 retreated to 16900.00
The value of the Nifty index is retreating from this week’s high at 22050.0 levels.
Yesterday, we saw the jump of the German 40 index to a new high at the 17062.9 level.
Nifty chart analysis
The value of the Nifty index is retreating from this week’s high at 22050.0 levels. This morning, we saw a drop below the 22000.00 level and the formation of a bottom at the 21665.00 level. We get that support and recover to the 21759.10 level. Expectations are that we will see a continued pullback up to the EMA200 moving average in the 21600.00 level zone.
For now, there are no bearish indications, the Indian market is stable, and there are good chances for a continuation on the bullish side. For that, we need a new positive consolidation and a return to the zone around 22000.00 levels. There, Nifty will be in a position to test the previous high and even break above. Potential higher targets are 22200.00 and 22300.00 levels.
German 40 index chart analysis
Yesterday, we saw the jump of the German 40 index to a new high at the 17062.9 level. As the EU session started yesterday, the index retreated to support at the 16900.0 level. During this morning’s Asian session, the situation on the chart is quite calm, and the movement takes place in the 16880.0-16980.0 range. We have support in the EMA200 moving average, and he keeps us at this level for now.
The German 40 index, if it continues to exert pressure on the EMA200, could make a breakthrough below and form a new weekly low. Potential lower targets are 16840.0 and 16800.0 levels. If we look at the bullish side, we need a rise to 17000.0 level. Holding in that zone would pull us out of the support zone, and we could more easily initiate recovery. Potential higher targets are 17025.0 and 17050.0 levels.
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