Nifty and German 40: NIfty fell to 21281.45 this morning
We see big swings in the Nifty index this week. German 40 rose to 18680.0 levels yesterday, marking a weekly high.Nifty chart analysis
We see big swings in the Nifty index this week. On Monday, the index creates a bullish gap at the market’s opening and rises to 23338.70 levels. After that, we saw a steady movement until the market closed yesterday. At the opening of the Indian market today, we see the initiation of a strong bearish consolidation, and in a few hours, the value of the Nifty retreated to 21281.45 level. We broke through the EMA200 moving average so quickly that we didn’t have time to test the support level.
With the formation of a new weekly low, the Nifty managed to recover slightly and stabilize at the 21996.00 level by the end of today’s session. Here, we seek support at the 22000.00 level to initiate a new positive consolidation. Potential higher targets are 22200.00 and 22400.00 levels. EMA200 moving average is in the zone of 22500.00 levels.
German 40 chart analysis
German 40 rose to 18680.0 levels yesterday, marking a weekly high. We encounter strong resistance in that zone and fail to continue on the bullish side. The index was forced to initiate a bearish consolidation from there and fell to the first low last night at the 18500.0 level. During this morning’s Asian trading session, the index moved in the zone of 18580.0 levels, testing the EMA200 moving average and the weekly open price.
It only increased the pressure on German 40; we saw the initiation of bearish consolidation up to 18361.6 levels. Potential lower targets are 18350.0 and 18300.0 levels. We need a positive consolidation and stabilization above the 18400.0 level for a bullish option. Then, we also need to support ourselves there in order to have a basis for starting a bullish impulse. Potential higher targets are 18450.0 and 18500.0 levels.
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