- Asian markets are trading slightly weak of more than 0.5% on increasing geo political tensions between US -China.US President tweeted yesterday that he was not happy with trade negotitions with China and warned that summit with North Korea may not work for Jun 12th.Dow Jones declined almost more than 150 points after US President tweet. US futures is trading marginally negative with Dow Jones at 24778 (0.22% lower) and S&P500 2718 (0.29% lower). It is currently trading around 22700 1% lower.
- USD/JPY has decliend more than 100 pips from high of 111.39 on accoiunt of increasing geopolitical tensions. Any further wekaness can be seen if it brekas below 110 (resistance turned intot support). It is curretly trading around 110.50.
- On the lower side, index major support is around 22590(20- day MA) and any break below will drag the index down till 22400 (daily Kijun-Sen)/22290 (100- day MA)/22000/21697 (Apr 13th low).
- The near term resistance is around 23000 and any break above will take the index to next level till 23280/23490.
It is good to sell on rallies around 22850-900 with SL at 23050 for the TP of 22590/22300.
