- Nikkei declined more than 1.4% from yesterday’s high on account of slight weakness in US markets. US Fed was more hawkish on inflation and chance of Jun rate hike is 100%. US markets closed slightly lower yesterday with Dow jones 23925 (0.72% lower) and S&P500 2635 (0.72% lower). US futures is trading slightly positive with Dow jones at 23985 (0.17% higher) and S&P500 2626 (0.05% lower).It is currently trading around 22350 0.31% lower.
- USD/JPY declined slightly after hitting high of 109.99. Any break above 110 confirms further bullishness and a jump till 110.45 likely.
- On the lower side, index major support is around 22310 (100- day MA) and any break below will drag the index down till 22000 (20- day MA)/21697 (Apr 13th low).
- The near term resistance is around 22620 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.
It is good to buy on dips around 22000-050 with SL at 21800 for the TP of 22500/22680.
