Nifty climbs to new ATH, while German 40 is in consolidation
This morning, the Nifty index rose to a new all-time high at 22525.65.
The German 40 index was retreating below the 17750.0 weekly open price this week.
Nifty index chart analysis
This morning, the Nifty index rose to a new all-time high at 22525.65. During the previous session, we held high above the 22450.00 level. On Wednesday, after the pullback, the index got support at the 22250.00 level. From there, with two strong bullish impulses, we climbed above 22450.00 and established a new high this morning. We could expect a shorter retreat of the index value within the monthly bullish channel.
In this regard, potential lower targets are the 22300.00 and 22250.00 levels. EMA200 is still lower in the zone around 22000.00 levels. If there is no pullback, we will go straight to a new all-time high by crossing above the previous one. Potential higher highs are the 22550.00 and 22600.00 levels.
German 40 index chart analysis
The German 40 index was retreating below the 17750.0 weekly open price this week. We mostly got support in the 17620.0-17640.0 range. Today, we tested the support zone again, and as in previous cases, we are going back up again. The index’s value is now above the 17700.0 level, and we need another bullish impulse to test the weekly open price again.
With the breakthrough above, we jump to a new weekly high, and the potential higher targets are 17760.0 and 17770.0 levels. We need a new negative consolidation and a new visit to the lower support zone for a bearish option. With new pressure, a break below and a drop to a new weekly low could occur. Potential lower targets are 17600.0 and 17590.0 levels.
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