Asian markets are trading higher especially China’s CSI300 jumped more than 1% after MSCI announced to quadruple weighting of China mainland shares.Nikkei has recovered more than 350 points from low of 21288 .US GDP data came at 2.6% at an annual rate in the final three months compared to forecast of 2.2% as business investment picks up.US market has closed slightly lower with Dow Jones at 25916 (0.27% lower) and S&P500 2784 (0.28% lower). USDJPY has recovered sharply and has jumped more than 130 pips in two trading session.It hits high of 111.77 and is currently trading around 111.68.
On the lower side, near term support is around 21450 (200-H MA) and any break below targets 21300 (300- H EMA)/21000/20800.The index should break below 20800 for further direction.
The near term resistance is at 21650 and any break above targets 21918/22200.
It is good to buy on dips around 21350-400 with SL around 21180 for the TP of 22000.
