Nikkei225 hits fresh year high at 19653 yesterday after BOJ monetary policy meeting and is currently trading around 19510 0.30% lower.
•BOJ kept its interest rates unchanged and raised its economic outlook the first time since May 2015.The economy is picking up at 1.5% growth compared to forecast of 1.3%.
•Technically index is expected to trade higher as long as support 19200 holds.
•On the higher side, major resistance is around 19700 (161.8% retracement of 19542 and 19273) and any break above will take the index till 20000/20280 in the short term.
•The index immediate support is at 19410 (100-HMA) and any break below will drag the index down 19250 (200- HMA)/ 19000 (10- day MA).
•The index should break below 18000 for further weakness.
It is good to buy on dips around 19400 with SL around 19200 for the TP of 19700/20000.
