Nifty and German 40 are under pressure, falling to new lows
On Monday, we watched the Nifty price fall below the 24000.00 level. On Monday, the German 40 index formed a new low at the 17013.9 level.Nifty chart analysis
On Monday, we watched the Nifty price fall below the 24000.00 level. Global instability also affected the Indian index, and a new low was formed at the 23893.70 level. This morning, we had a bullish gap at the opening of the market up to 24380.00. By the end of the session, the index closed that gap, now holding at 24000.00. The market is closed again, and we will wait for the next session to follow the further movement.
It could easily happen that we see a gap to the bottom and the formation of a new weekly low. Potential lower targets are the 23800.00 and 23700.00 levels. For the bullish option, we need positive consolidation and a jump of Nifty to the 24400.00 level. With that step, we jump over the EMA 200 moving average and expect to get its support. Potential higher targets are the 24500.00 and 24600.00 levels.
German 40 chart analysis
On Monday, the German 40 index formed a new low at the 17013.9 level. We are in a bearish trend for the third day in a row after jumping to 18575.3. The index managed to stop further decline yesterday. From the new low, a bullish consolidation started this morning up to the 17560.0 level. Here, we encounter new resistance and lose momentum for further continuation on the bullish side.
From there, the German 40 triggers another bearish consolidation back to the 17300.0 level. The pressure is increasing because we fell below the daily open price. Potential lower targets are 17200.0 and 17000.0 levels. For a bullish option, we need a bullish consolidation above the weekly open price and 17700.0. After that, we can hope to continue on the bullish side and conquer higher levels. Potential higher targets are 17800.0 and 18000.0 levels.
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