- Major support -16820 (200- day MA).
- Nikkei225 is trading in narrow range between 17154 and 16882 for the past two trading session.It is currently trading around 16955.
- Japan's economy has expanded at better than estimate 0.7% in annualised pace April-Jun.
- The index is facing strong resistance at 17200 and any break above confirms further bullishness , a jump till 17330/17500 can be seen.
- Short term trend is slightly bullish as long as the index not able to break below 16820 (200-day MA).
- On the lower side, any break below major intraday support 16820 (200-day MA) and any break below 16820 will drag the pair till 16525 (daily Kijun-Sen)/16400.
It is good to buy on dips around 16950 with SL 16800 for the TP of 17330/17480
