Nifty Retreat – How It Impacted the German 40 Indices
This morning, we saw a pullback in the Nifty index to 21574.00 levels.
The German 40 retreated to the 16880.0 level on Friday, testing last week’s support zone.
Nifty chart analysis
This morning, we saw a pullback in the Nifty index to 21574.00 levels. As expected, the index dropped to support in the EMA200 moving average. We expect to consolidate here in the coming period and start a new bullish consolidation.
First, we would have to climb above the 21700.00 level and hold there. After forming a bottom at that level, the index could start a further recovery. Potential higher targets are 21800.00 and 21900.00 levels.
If we were to slip below the EMA200, the Nifty would be under a lot of pressure to break down to new lower support. A break below would return us to the January support levels, which could further burden the value of the index. Potential lower targets are 21500.00 and 21400.00 levels.
German 40 index chart analysis
The German 40 retreated to the 16880.0 level on Friday, testing last week’s support zone. After receiving support at that level, the index started a bullish consolidation that continued at the beginning of this week.
During the Asian session, we moved around 16960.0 levels. Then, in the EU session, a further recovery was initiated, and the index rose to 17015.0 levels.
With this, we form the daily high values of the German 40 index, and the potential higher targets are the 17020.0 and 17040.0 levels. For a bearish option, we need a pullback to Asian support at the 16960.0 level.
New pressure in that zone could easily break below and form a new daily low. We would look for support in the 16940.0 zone and the EMA200 moving average.
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