Nifty continued to rise to new higher levels this week
- As expected, the Nifty index rose above 25000.00, forming a new all-time high.
- During this morning’s Asian trading session, the German 40 index rose first to the 18575.3 level and formed a new weekly high.
Nifty chart analysis
As expected, the Nifty index rose above 25000.00, forming a new all-time high. The value of the new high was 25078.30, while now we are at the 25004.00 level. The Indian market is currently closed, and the value of the index has remained very high. In the next trading session, we can hope for a further continuation of the bullish trend and the formation of a new all-time high.
Potential higher targets are the 25100.00 and 25200.00 levels. For the bearish option, the Nifty would have to go down to the 24900.00 level. With that, we go below the 25000.00 psychological level. After that, the index should continue to 24800.00, where it would test the weekly open price. Potential lower targets are the 24700.00 and 24600.00 levels.
German 40 chart analysis
During this morning’s Asian trading session, the German 40 index rose first to the 18575.3 level and formed a new weekly high. The joy was short-lived; soon after, we saw the start of a bearish consolidation and a drop to the 18240.0 level. A weekly low was formed at that level. For now, we have support at that level, but the index remains under pressure to start a further retreat.
Potential lower targets are the 18250.0 and 18200.0 levels. For a bullish option, the German 40 index would have to return above the 18450.0 level first. Then, it needs to stabilize there above the weekly open price and get support from the EMA 200 moving average. If it succeeds in this, it will have the opportunity to climb above the daily open price and test this morning’s high. Potential higher targets are the 18600.0 and 18650.0 levels.
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