Nikkei declined slightly after hitting a 14-month high on account of profit booking. The index jumped sharply from temporary bottom 19984 following footsteps of wall street and easing US-China trade tension.US markets especially S&P500 was one of the best performers this month and rose more than 4% and closed flat around 3192.50 (0.03%).
Shanghai continues to trade higher for 3rd consecutive week, any break beyond 3050 confirms further bullishness.
US housing data came better than expected with building permits rose 1.4% m/m at 1.4.482m in Nov vs forecast of 1.410m, housing starts at 1.365m vs 1.340m.
On the flip side, near-term support is around 23850 (5- day MA) and any indicative break beneath will take the index till 23700/23450.
The 24200 will be acting as resistance, convincing crack over targets 24500/24750.
It is good to buy on dips around 23680-700 with SL around 23450 for the TP of 24280/24400.
