Connect with us

Hi, what are you looking for?

Economy

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

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.

 

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.

 

The post Nifty above 23400 for the first time, German 40 in retreat appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The central political question of the guilty verdict handed down at Donald Trump’s criminal trial in Manhattan is the same question that comes up...

    Editor's Pick

    There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

    Editor's Pick

    Here’s a quick review of statements made Friday by former president Donald Trump at Trump Tower, in order. Some of these claims we have...

    Editor's Pick

    The responses from most Democratic officials were restrained, even somber in tone, after a jury found former president Donald Trump guilty on all 34...

    Disclaimer: fiscalempire.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 fiscalempire.com