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4 Dec 2014
Nikkei continues its upside momentum
FXStreet (Mumbai) - The Japanese equities index traded higher for the fifth consecutive day following persistent weakness in yen.
Nikkei traded 0.94% higher at 17887.21 at the time of writing after hitting day’s low of 17779 in the early Asian hours. The index breadth is positive with an advance-decline ratio of 153:65. Among the major gainers, shares in Pacific Metals Co. Ltd are up by 8.81%, Sumco Corp up by 7.84% and Nisshinbo Holdings Inc up by 7.11%. Top loser is Nippon Suisan Kaisha Ltd which was seen 5.58% lower.
The rally in Nikkei is also seen after a survey by Japanese media suggested increasing probabilities of Prime Minister Shinzo Abe winning the parliamentary elections to be held on Dec 14.
Nikkei Technical Levels
The index has an immediate resistance stands at 17920, above which gains could be extended to 18,000 levels. Meanwhile, support is seen at 17,851 (5-day SMA) and 17820 (10-day SMA) levels.
Nikkei traded 0.94% higher at 17887.21 at the time of writing after hitting day’s low of 17779 in the early Asian hours. The index breadth is positive with an advance-decline ratio of 153:65. Among the major gainers, shares in Pacific Metals Co. Ltd are up by 8.81%, Sumco Corp up by 7.84% and Nisshinbo Holdings Inc up by 7.11%. Top loser is Nippon Suisan Kaisha Ltd which was seen 5.58% lower.
The rally in Nikkei is also seen after a survey by Japanese media suggested increasing probabilities of Prime Minister Shinzo Abe winning the parliamentary elections to be held on Dec 14.
Nikkei Technical Levels
The index has an immediate resistance stands at 17920, above which gains could be extended to 18,000 levels. Meanwhile, support is seen at 17,851 (5-day SMA) and 17820 (10-day SMA) levels.