- Asian markets are trading mixed with Nikkei jumped sightly as technology stocks plunged sharply after Facebook posted weak set of numbers. Facebook has corrected sharply and declined more than 20% after its second quarter results missed street’s expectations and CFO warned of revenue growth slowdown.NASDAQ declined more than 1%. US market has closed mixed with Dow Jones at 25527 (0.44% higher) and S&P500 2837 (0.30% lower). USD/JPY which is the main indicator of geo political tension is trading higher after hitting minor bottom temporary bottom ar 110.58. US futures is trading flat with Dow Jones at 25557 (0.16% higher) and S&P500 2842 (0.15% higher). Nikkei is currently trading around 22694 0.47% higher.
- USD/JPY is trading slightly lower after hitting high of 111.24 and is currently trading around 111.10 (0.10% lower).
- On the lower side, index major support is around 22415 (55- day EMA) and any break below will drag the index down till 22270/22000/21750/21460.
- The near term resistance is around 22800 and any convincing break above will take the index to next level till 23050/23200.
It is good to buy on dips around 22450-500 with SL at 22270 for the TP of 23040.
