Asian markets are trading lower especially China’s Shanghai has lost nearly 2.5% from high of 3090 after China cuts growth forecast to 6% to 6.5% from 6.5% and cuts 3% points to the value added tax to benefit manufacturing sector.Nikkei has declined more than 350 points from yesterday high of 21873.US market has closed slightly lower with Dow Jones at 25819 (0.79% lower) and S&P500 2792 (0.39% lower). USDJPY is consolidating after hitting high of 112.078.It is currently trading around 111.85.
On the lower side, near term support is around 21540 (200-H MA) and any break below targets 21400 (300- H EMA)/21280/21000.The index should break below 20800 for further direction.
The near term resistance is at 21918 and any break above targets 22200/22380.
It is good to buy on dips around 21350-400 with SL around 21180 for the TP of 22000.
