- Major support - 16260 (38.2% retracement of 14823 and 17159).
- Nikkei225 has recovered sharply after declining till 16311 on Friday.It is currently trading around 16621.
- The index has broken minor resistance at 16585 (daily Tenken-Sen) and a slight jump till 16705 (daily Kijun-Sen) is possible.
- Technically in the daily chart the index is struggling to close above Kijun-Sen.Any break above Kijun-Sen confirms minor bullishness.
- On the higher side, resistance is around 16705 (daily Kijun-Sen) and any break above targets 16835/ 17000/17159.Nikkei should break above 17159 for further bullishness.
- The major support is around 16435 (100- day MA) and any break below targets 16260 (38.2% retracement of 14823 and 17159)/16000.
It is good to buy on dips around 16500 with SL 16250 for the TP of 16735/17000
