Economy

Nifty and German 40: Nifty again within reach of 23000.00

Nifty and German 40: Nifty again within reach of 23000.00

As we expected, the Nifty index recovered from Tuesday’s fall. 
During today’s EU trading session, the German 40 index made a significant move, scaling to a new weekly high at 18784.9 level. 

Nifty chart analysis

As we expected, the Nifty index recovered from Tuesday’s fall. Wednesday was very bullish, and the index rose again above the EMA200 and 22600.00 levels. With new support, we are looking at a continuation of the rise to the 22920.00 level today. We were close to getting back above 23000.00, but the Indian market closed. We could see a bullish gap at the opening of the next trading session and a jump above the 23000.00 level.

Potential higher targets are 23250.00 and 23500.00 levels. We need a negative consolidation and a new pullback below the EMA200 moving average for a bearish option. With that, we move to the bearish side and form a new daily low. Potential lower targets are 22250.00 and 22000.00 levels.

 

German 40 chart analysis

During today’s EU trading session, the German 40 index made a significant move, scaling to a new weekly high at 18784.9 level. However, we encountered resistance at this point and initiated a pullback to the 18700.00 level. Our next objective is to establish support here and retest the previous high. If successful, we could potentially initiate a further recovery on the bullish side from this new position.

Potential higher targets are 18800.0 and 18900.0 levels. We need to pull down to the EMA200 moving average in the 18600.0 zone for a bearish option. That could increase pressure on German 40 and send it to a new low below. Potential lower targets are 18500.0 and 18400.0 levels.

 

The post Nifty and German 40: Nifty again within reach of 23000.00 appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

Investing

Democratic Gov. Janet Mills on Wednesday vetoed a bill aimed at prohibiting foreign influence in Maine elections, but voters will get the final say...

Latest News

There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

Latest News

House Speaker Mike Johnson (R-La.) on Wednesday appointed Reps. Scott Perry (R-Pa.) and Ronny Jackson (R-Tex.), two Trump loyalists who denied the results of...

Disclaimer: realinvestmentstar.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 realinvestmentstar.com