Connect with us

Hi, what are you looking for?

Economy

Nifty and German 40 Indices: Nifty is holding above 22000.00

Nifty and German 40 Indices: Nifty is holding above 22000.00

This week, we observe a retracement of the Nifty index from last week’s high. The German 40 index continues its bullish consolidation this week, rising to a new high at 17712.3.

Nifty Index Chart Analysis

This week, we observe a retracement of the Nifty index from last week’s high. The index value fell this morning to the 21860.65 level, forming the weekly low. There, we encounter the EMA200, which prevents us from falling below and provides crucial support. The index begins to recover, moving to the 22050.00 level. We are once again bullish, returning above the 22000.00 level.

The market is currently closed, and tomorrow, we expect a continuation on the bullish side. Potential higher targets are the 22100.00 and 22150.00 levels. The Nifty will be under significant pressure if it falls below the EMA200 moving average and the 21800.00 level. A bearish consolidation would force the index into retreat, with potential lower targets at the 21750.00 and 21700.00 levels.

German 40 Index Chart Analysis

The German 40 index continues its bullish consolidation this week, rising to a new high at 17712.3. This morning, we saw a jump to a new high, and since then, we have remained high with support at the 17660.0 level. We will likely see an increase to a new level and thus extend the bullish trend. Potential higher targets are the 17750.0 and 17800.0 levels.

We need negative consolidation and a pullback down to the 17600.0 level for the bearish option. There, we would be close to testing the daily open price at the 17575.0 level. A drop below this level would confirm a loss of bullish momentum and a transition to the bearish side. Potential lower targets are the 17500.0 and 17400.0 levels.

The post Nifty and German 40 Indices: Nifty is holding above 22000.00 appeared first on FinanceBrokerage.

You May Also Like

Latest News

President Biden is asking Congress to approve nearly $100 billion in emergency funding to aid recovery efforts for the recent deadly storms that ravaged...

Latest News

Activists on Saturday demanded that the state of California pay millions of dollars to each Black resident in reparations as a way to make...

Stock

One hallmark of secular bull markets is rotation. When leading stocks, sectors, and industry groups falter, there needs to be others that grab the...

Latest News

Vice President Kamala Harris spent a whopping $1.5 billion during her 15-week campaign that ended in defeat to President-elect Donald Trump, including burning through...



Disclaimer: Frequencytraders.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Frequencytraders.com