• Asian markets rose sharply and hits 2-1/2 month high on account strong global cues and positive US markets. Euro hits 2- week high and global bond yields has shown a good jump on hopes that ECB would wind up stimulus program.US 10 –year bond yields is trading firm and rose more than 2% from yesterday’s low and is currently at 2.97%.  US markets have closed higher yesterday with Dow Jones 25146 (1.40% higher) and S&P500 2772 (0.86% higher). US futures is trading flat with Dow Jones at 25158 (0.07% higher) and S&P500 2772.80 (0.04% higher).Nikkei is currently trading around 22630 0.53% higher.
   
• USD/JPY has declined slightly after showing a jump till 110.20. The pair should close above 110.17 (200- day MA) for further bullishness. It is currently trading around 109.92.    
   
• On the lower side, index major support is around 22578 (20- day MA) and any break below will drag the index down till 22479 (daily Kijun-Sen) /22300 (55- day EMA)/22110 (100- day MA)/21957 (200- day MA).
   
• The near term resistance is around 22850 and any convincing break above will take the index to next level till 23050.
  
  It is good to buy on dips around 22400-425 with SL at 22250 for the TP of 22800/23000.