Nifty and German 40: Nifty again close to new all-time high
During this morning’s Asian session, Nifty rose to 25073.10 level
For the fourth week in a row, the German 40 is in a bullish trend
Nifty chart analysis
During this morning’s Asian session, Nifty rose to 25073.10 level. The index was very close to testing the all-time high of 25078.30. We failed in that, and a bearish consolidation to 24997.00 levels was initiated. The Indian market is now closed, and the price has remained below the 25000.00 level. We could see a continuation of the bearish side in the next session and a pullback to a new low.
At the market opening on Monday, we had a bullish gap. If the pullback continues, the Nifty could close that gap before continuing to the bullish side. Potential lower targets are the 24900.00 and 24800.00 levels. Additional support is the EMA 50 moving average in the 24800.00 zone. For a bullish option, we need a positive consolidation above the 25000.00 level. After that, we expect a test of the previous high and a jump to a new all-time high. Potential higher targets are the 25100.00 and 25200.00 levels.
German 40 chart analysis
For the fourth week in a row, the German 40 is in a bullish trend. Today, we saw the formation of a new August high at the 18731.6 level. We currently have some resistance at that level and are pulling back slightly to the 18688.0 level. We are now trying to get new support here to turn to the bullish side again. Potential higher targets are 18740.0 and 18760.0 levels.
For a bearish option, the German 40 would have to drop back to the 18627.0 weekly open price. There, the index would be under pressure to take a step below to a new low. With this, we move to the negative side and increase the pressure on the index to start retreating. Potential lower targets are 18600.0 and 18580.0 levels.
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