Nifty index and German 40: Nifty falls to new April low

• For the second consecutive week, the Nifty index is in retreat.
• On Tuesday, the German 40 index fell to a new April low at 17713.2.

Nifty chart analysis

For the second consecutive week, the Nifty index is in retreat. This morning, we saw the formation of a new low at the 21961.70 level. We saw an attempt to support above the EMA200 and 22300.00 levels, but we did not have enough strength for the task. The index did not last; a pullback to this morning’s low was initiated. At the closing of the Indian market, the price recovered slightly to 22045.75 levels.

We are waiting for the opening of the next session to see which way the momentum will go. Since we are under pressure, it is very possible that we will slip to a new April low. Potential lower targets are 21900.00 and 21800.00 levels. For a bullish option, ideally we would first go back above the EMA200 and 22300.00 levels. Then, need to successfully maintain ourselves up there and start a new positive consolidation from there. Potential higher targets are 22400.00 and 22500.00 levels.

German 40 chart analysis

On Tuesday, the German 40 index fell to a new April low at 17713.2. In the continuation until today, we moved in the 17720.0-17880.0 range. We remain under bearish pressure below the weekly open price and the EMA50 moving average. We are currently at the 17768.0 level and are trying to hold here to trigger a bullish consolidation again to the 17880.0 level.

The new impulse sends us to a higher level and thus confirms the bullish momentum. Potential higher targets are 17920.0 and 17960.0 levels. We need to go down a little further to the 17720.0 level of this week’s support for a bearish option. Returning to that zone again, we will be under pressure to fall to a lower low. Potential lower targets are 17700.0 and 17680.0 levels.

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