• Asian markets is trading mixed especially Japan’ Nikkei trading slightly higher on account of better than expected manufacturing PMI data. But upside is limited due to renewed trade war fear. US has imposed import tariff on steel and aluminum product yesterday on EU, Mexico and Canada. US commerce secretary Wilbur Ross said EU companies would face 25% duty on steel and 10% duty on aluminum from midnight on Thursday. The political uncertainty in Italy has been eased as Italian party’s agreed to form coalition government. US markets have closed slightly lower yesterday with Dow Jones 24415 (1.02% lower) and S&P500 2705 (0.69% lower). US futures is trading flat with Dow Jones at 24 (0.03% higher) and S&P500 2707 (0.06% lower).Nikkei is currently trading around 22195 0.32% higher.
   
• USD/JPY has recovered almost more than 70 pips from low of 108.39. The pair has taken support near 100- day MA. Any further weakness can be seen if it breaks below 108. It is currently trading around 109.13.    
   
• On the lower side, index major support is around 21880 (200- day MA) and any break below will drag the index down till 21697 (Apr 13th low).
   
• The near term resistance is around 22270 (55- day EMA) and any break above will take the index to next level till 22340/22560 (20- day MA)/22800.
  
  It is good to sell on rallies around 22270-300 with SL at 22510 for the TP of 21880/21750.