Nifty rises to new all-time high; German 40 falls to EMA 200
- In the previous hour, the value of Nifty rose to 24437.90, a new all-time high.
- On Friday, the German 40 index rose to 18664.2, a new July high.
Nifty chart analysis
In the previous hour, the value of Nifty rose to 24437.90, a new all-time high. This morning, we saw the continuation of yesterday’s bullish consolidation with the 24245.00 level. By crossing above the 24323.00 level, we returned above the weekly open price. That boosted the bullish momentum to a new all-time high. We expect to see a continuation on the bullish side in the coming period.
Potential higher targets are the 24500.00 and 24600.00 levels. We need a negative consolidation and pullback below the weekly open price for a bearish option. This moves us to the bearish side, and the Nifty will be under pressure to look for a new support level. Potential lower targets are the 24200.00 and 24100.00 levels. The EMA 50 moving average provides additional support for the index at 24200.00.
German 40 chart analysis
On Friday, the German 40 index rose to 18664.2, a new July high. After that, we saw a stop at that level and a pullback to the 18400.0 support level. On Monday, we saw a new bullish attempt, this time only up to the 18632.1 level. The inability to continue up started a new bearish consolidation that continues today. This morning, the index dropped to 18364.2 levels on the EMA 200 moving average.
The moving average managed to stop the further retreat of the German 40 to a new low. After that, we see a recovery to 18460.0 level. In this zone, the index could have resistance for further growth to the bullish side. We need an impulse above 18550.0 to break the weekly open price and the EMA 50 moving average. Potential higher targets are 18600.0 and 18650.0 levels.
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