Major resistance – 21100
Major support- 20200
Nikkei has recovered more than 600 points from low of 19923 following the footsteps of Wall Street. US markets shown a bounce-back of more than 2% from the low with Dow Jones and S&P500 closed flat at 26007 (-0.09%) and 2884 (0.08% high).
USDJPY has formed a double bottom around 105.50 and jumped more than 70 pips from the low. Any break above 106.30 confirms intraday bullishness and a jump till 106.60 likely.
On the flip side, near term support is around 20468 and any violation below will drag the index till 20238/19923.
The near term resistance is around 20650 and any convincing break above targets 20950/21100.
It is good to buy on dips around 20625-630 with SL around 20380 for the TP of 21000.
