Major Asian Indices Technical Analysis

Nikkei

• Nikkei has recovered after making a low of 18536 . It is currently trading around 18726. The index is facing major support is around 18500 and any further weakness can be seen only below that level.Short term trend is slightly bullish as long as support 18500 holds.
   
• The index has tried to recover but upside is capped around 19000 which is acting as major resistance  and any break above will take the index till 19200/19300. Overall bullishness can be seen if it closes above 19500.
   
• On the lower side major support 18500 and break below targets 18280/18000 in short term.

It is good to buy at dips around 18550-600 with SL around 18400 for the TP of 19090/19300

Hang Seng

• Hangseng index has formed temporary bottom around 20979 and started to recover from that level. It is currently trading around 21323 and  trend is still weak as long as resistance 21700 holds.
   
• On the higher side minor resistance is around 21345 and break above targets 21700/22000 The short term major resistance is around 22400 level.
   
• The index minor support is around 20800 and break below will drag the index down till 20500/20300

It is good to sell on rallies around 21300-350 with SL around 21700 for the TP of 20800/20500