- Nikkei225 pared its losses made yesterday and jumped till 16810 at the time of writing.Japanese index has made a low of 16641 yesterday and recovered slightly from that level. It is currently trading around 16801.
- Technically in the daily chart the index takes support around 16646(21-day MA) and any further weakness only below that level.
- On the higher side, resistance is around 17000 and any break above targets 17159 (Sep 2nd 2016 high)/17300/17500.Nikkei should break above 17159 for further bullishness.
- The major support is around 16640 (21- day MA) and any break below targets 16534 (200-day MA).
It is good to buy on dips around 16650 with SL 16535 for the TP of 16800/17000/17160.
