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29 Dec 2014
Nikkei tanks 1%
FXStreet (Mumbai) - The Japanese equities index opened with a positive start, however quickly gave up gains as the Japanese currency regained strength against the US dollar.
The benchmark Nikkei 225 index trades lower by 1% or 175 points at 17643.14, compared to previous session’s close of 17818.96. The index opened this week higher tracking a positive lead from Wall Street where the major averages ended at new peaks and also supported by the government's nod to a USD 29 billion stimulus package. However, the index surrendered gains and trades lower now as the yen recovered losses against the US dollar and trades close to day’s high levels.
The index breadth is negative with an advance decline ratio of 53:157. Among the major gainers, Tokyo Electric Power gained over 4%. Tosoh Corp is up 3.37%. Among the top losers, Unitika is declining 3.2%, Showa Shell Sekiyu KK is lower by 2.6% and Yokohama Rubber is down 2.5%
Nikkei Technical Levels
The index has an immediate resistance stands at 17895.50 (Dec 9 High) above which gains could be extended to 18030.50 (Dec 8 High) levels. Meanwhile, support is seen at 17500 levels and from here to 17300 levels.
The benchmark Nikkei 225 index trades lower by 1% or 175 points at 17643.14, compared to previous session’s close of 17818.96. The index opened this week higher tracking a positive lead from Wall Street where the major averages ended at new peaks and also supported by the government's nod to a USD 29 billion stimulus package. However, the index surrendered gains and trades lower now as the yen recovered losses against the US dollar and trades close to day’s high levels.
The index breadth is negative with an advance decline ratio of 53:157. Among the major gainers, Tokyo Electric Power gained over 4%. Tosoh Corp is up 3.37%. Among the top losers, Unitika is declining 3.2%, Showa Shell Sekiyu KK is lower by 2.6% and Yokohama Rubber is down 2.5%
Nikkei Technical Levels
The index has an immediate resistance stands at 17895.50 (Dec 9 High) above which gains could be extended to 18030.50 (Dec 8 High) levels. Meanwhile, support is seen at 17500 levels and from here to 17300 levels.