Nifty index and German 40: Nifty in retreat to 21930.0
The Nifty index continues to retreat today to the 21932.00 level.
The German 40 has been in a strong bullish consolidation since the beginning of this week at 18025.0 levels.
Nifty chart analysis
The Nifty index continues to retreat today to the 21932.00 level. On Tuesday, the price fell below the EMA200 moving average, which only strengthened the bearish momentum and continued to lower the value of the index. We broke the support at 22200.00 this morning and slipped below, adding pressure on the Nifty. The closing price of today’s Indian market is 21968.15, and we have slightly recovered from the previous low.
Potential lower targets are 21900.00 and 21800.00 levels. For a bullish option, we need another positive consolidation and a return above the 22000.00 psychological level for Nifty. After that, we expect the formation of a bottom from which we could continue further recovery. Potential higher targets are 22100.00 and 22200.00 levels.
German 40 chart analysis
The German 40 has been in a strong bullish consolidation since the beginning of this week at 18025.0 levels. It is currently at the 18546.0 level, and we are very close to the historical high at the 18568.8 level. To move above, we need another impulse; with that, we go to a new all-time high. Potential higher targets are 18600.0 and 18650.0 levels.
We need a negative consolidation and a pullback of the index value below the 18475.0 level for a bearish option. There, we will test the previous low; if it does not hold, we will go below a new daily low. This confirms the increase in bearish momentum, which could continue to lower the German 40 index. Potential lower targets are 18450.0 and 18400.0 levels. The index should find support in the EMA50 moving average in the 18430.0 zone.
The post Nifty index and German 40: Nifty in retreat to 21930.0 appeared first on FinanceBrokerage.
