Major resistance - 19698 ( Jan 9th 2017)
Nikkei hits fresh 52 week high at 19700 at the time of writing and slightly declined from that level.It is currently trading at 19620 0.2% lower.
•The index is trading slightly range bound and market awaits Fed monetary policy statement for further direction.
• On the lower side , 19500 (resistance turned into support) and any break below will drag the index till 19340 (21 day EMA)/19190/19128 (trend line joining 18224 and 18973).
•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000. The minor resistance is around 19327 (daily Tenken-Sen)./19400.
It is good to buy on dips around around 19425-19450 with SL around 19300 for the TP of 19698/19900
