Nifty index and German 40: Nifty is back above 22000.0 again

  • May 16, 2024
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Nifty index and German 40: Nifty is back above 22000.0 again

The Nifty index managed to gain support at the 21821.00 level on Monday and initiated a bullish consolidation from there.
During the Asian trading session, the German 40 jumped to a new all-time high at 18920.5 levels. 

Nifty chart analysis

The Nifty index managed to gain support at the 21821.00 level on Monday and initiated a bullish consolidation from there. This morning, we had more fluctuations on the chart and saw a test of the weekly open price at the 22055.00 level. After new support and the formation of a higher low, a bullish impulse followed and a jump to the 22432.25 level. With that step, we are back above the EMA200 moving average and expect to continue with further recovery to the bullish side.

Potential higher targets are 22500.00 and 22600.00 levels. We need a return below the EMA200 and 22290.00 levels for a bearish option. So, we are back on the bearish side and can expect to see further pullback and search for new support. Potential lower targets are 22200.00 and 22100.0, as well as the weekly open at the 22055.00 level.

German 40 chart analysis

During the Asian trading session, the German 40 jumped to a new all-time high at 18920.5 levels. We stopped there and started a pullback to support at 18810.0. There, we meet the EMA50 moving average, and for now, we are holding above it, moving up to the 18840.0 level. If we manage to stay here, we will have a solid position to start a further recovery on the bullish side.

Potential higher targets are 18860.0 and 18880.0 levels. We need a negative consolidation and a drop below the EMA50 moving average for a bearish option. Going down below the 18800.0 level, we are approaching the weekly open price at 18780.0. A too long consolidation in that zone could initiate a bearish impulse and fall to a new low. Potential lower targets are 18760.0 and 18740.0 levels.

The post Nifty index and German 40: Nifty is back above 22000.0 again appeared first on FinanceBrokerage.

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