Nifty and German 40: Nifty still at the support level

• The Nifty index continued to struggle in the support zone today, moving in the 24100.00-24300.00 range. 
• On Wednesday, German 40 recovered to the 17660.0 level. 

Nifty chart analysis

The Nifty index continued to struggle in the support zone today, moving in the 24100.00-24300.00 range. The market is closed, and the index is pressing on the lower line of today’s range. This is a bad picture because we are below the EMA 50 moving average. This could trigger a bearish consolidation in the next session. A fall in Nifty below 24000.00 would strengthen the bearish option and signify that we continue on the bearish side.

As we look ahead, there is potential for Nifty to recover to the 24400.00 and the EMA 200 moving average. This would mark a significant step towards a new weekly high, increasing the chances of a return to a bullish trend. Potential higher targets are the 24500.00 and 246000.00 levels, leaving us with a sense of anticipation for the market’s future movements.

German 40 chart analysis

On Wednesday, German 40 recovered to the 17660.0 level. We narrowly missed closing the bearish gap from the market opening on Monday morning. After that, we saw a pullback to support at 17400.00. During this morning’s Asian trading session, the index initiated a bullish consolidation up to 17580.0 levels. We are again on a bullish path and will have a new attempt to reach the 17700.00 level.

At that level, we will test the weekly open price and try to move above it. If we succeed in this, the chances of seeing further recovery increase. Potential higher targets are 17800.0 and 17900.0 levels. Additional resistance awaits us in the EMA 200 moving average, a key technical indicator that could potentially limit further upward movement, and the 17850.0 zone.