Nifty and German 40: Nifty breaks the 24000.00 level
The Nifty index has surged to a new all-time high at 24141.95 level this morning and continues to hold in that zone, with a slight retreat to the 24100.00 level.
Yesterday we saw the jump of the German 40 index to a new two-week high at 18464.9 level.
Nifty chart analysis
The Nifty index has surged to a new all-time high at 24141.95 level this morning and continues to hold in that zone, with a slight retreat to the 24100.00 level. The EMA200 and EMA50 moving averages have been providing crucial support for a month now, bolstering our expectation of further growth to a new high. Potential higher targets are 24400.00 and 24600.00 levels, with the EMA50 playing a key role in this projection.
On the flip side, a bearish option could come into play if the Nifty index consolidates negatively below 24000.00, the weekly open price. A breach below this level could bring us closer to testing the EMA50 moving average support. If this support proves insufficient, the index could be compelled to retreat. This scenario could lead to potential lower targets at the 23900.00 and 23800.00 levels. The EMA200 moving average is even lower in the 23300.00 zone.
German 40 chart analysis
Yesterday we saw the jump of the German 40 index to a new two-week high at 18464.9 level. Soon after, a bearish consolidation was initiated, and the index dropped to 18260.0. During this morning’s Asian trading session, there was a continuation on the bearish side and a break below the EMA200 moving average. The decline of German 40 stopped at 18092.0 and formed a weekly low there. Now, we are trying to hold on there to avoid further retreat.
Increased bearish momentum could generate new momentum and send the index value to a lower low. Potential lower targets are 18050.0 and 18000.0 levels. We need a positive consolidation above the EMA200 moving average for a bullish option. Thus, we return to the positive side above the weekly open price. After that, we have the opportunity to initiate further recovery. Potential higher targets are 18350.0 and 184000.0 levels.
