Economy 11-06-2024 12:23 4 Views

Nifty above 23400 for the first time, German 40 in retreat

Nifty Index Cover image 2

Nifty above 23400 for the first time, German 40 in retreat

  • The value of the Nifty index rose above 23400.00 for the first time yesterday.
  • The German 40 index has been in retreat since the beginning of this week.

Nifty chart analysis

The value of the Nifty index rose above 23400.00 for the first time yesterday. A new all-time high was formed at the 23411.90 level. Today’s movement is in a narrow range of 23200.00-23400.00. Slight bearish pressure as we failed to climb to a new high. The market is now closed, and we are waiting for the opening of the next session. It is possible that we will see a pullback within a broader ascending channel.

Potential lower targets are 23000.00 and 22800.00 levels. EMA200 is a step lower at the 22650.00 level. If we see momentum above this consolidation, we will see the formation of a new all-time high. Potential higher targets are 23500.00 and 23600.00 levels.

Nifty chart analysis

 

German 40 chart analysis

The German 40 index has been in retreat since the beginning of this week. At the opening of the market, we see a bearish gap. After that, the index starts a bearish consolidation and goes down to 18360.0 levels. We got support yesterday and recovered this morning to 18550.0, closing the gap from Monday’s market opening. From there we see the initiation of a bearish impulse that pulls us up to 18351.9 levels to a new weekly low.

Potential lower targets are 18300.0 and 18250.0 levels. We need a positive consolidation and a new pullback up to the 18550.0 level for a bullish option. After that, we need an impulse above EMA200 to get rid of the bearish pressure. With this, we form a new weekly high, which could pull German 40 to start a further recovery. Potential higher targets are 18600.0 and 18650.0 levels.

German 40 chart analysis

 

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