• Nikkei has declined sharply after Fed monetary policy meeting. The index declined till 19759 and is currently trading around 19793.
   
• Fed raised its interest rates by 25bps point for the third time on six months from 1% to 1.25% and maintained outlook for one more hike in 2017. Fed also unveils plan to reduce $4.5 trillion balance sheet this year.
   
• On the lower side, near term support is around 19750 (Kijun-sen) and any break below will drag the index down till 19450 (38.2% retracement of 18189 and 20228)/19358 (89- EMA).
   
• The near term resistance of Nikkei is around 20000 and break above will take the index to recent high of 20228/20477 (161.8% retracement of 20019 and 19277).
   
• In the daily chart the index has formed bearish divergence in RSI and MACD. So a small dip till 19350 is likely.
  
  It is good to sell on rallies around 19850-19900 with SL around 20220 for the TP of 19360.