Nifty index and German 40: Nifty falls to seven-day low
In the previous seven days, the Nifty index has been in retreat after climbing last Wednesday’s ATH. This morning, a new monthly low for the German 40 index was formed at the 17742.1 level.Nifty index chart analysis
In the previous seven days, the Nifty index has been in retreat after climbing last Wednesday’s ATH. On Monday, we saw a bearish gap from the 22520 to the 22360 level at the market’s opening. After that, the pullback below the EMA200 moving average continued. This morning, a new bearish gap from the 22275 to the 22145 level was also seen. This leads to a new April low drop at the 22080.0 level.
We get support at that level, and by the close of today’s session, we have recovered to the 22180.0 level. In the previous few hours, we see a bullish initiative and expect a continuation to the bullish side in the next trading session. Potential higher targets are 22200.0 and 22300.0 levels. Additional resistance could be represented by the EMA200 moving average in the zone around the 22275.0 level.
German 40 chart analysis
This morning, a new monthly low for the German 40 index was formed at the 17742.1 level. Since the market’s opening on Monday, the index was first in a bullish trend up to 18200.0. There we come across the EMA200 moving average which pulled us below and started a bearish consolidation to this morning’s low. In the previous hour, the index twitched and moved up to 17840.0 levels.
This could trigger another bullish consolidation and stabilize us above the 17900.0 level. We need a negative consolidation and pullback below the support at the 17740.0 level for a bearish option. Thus, we fall to a new low and confirm the weakness of the German 40 index. Potential lower targets are 17700.0 and 17650.0 levels.
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