8 Dec 2014
Nikkei ends flat after testing 18,000 levels
FXStreet (Mumbai) - The Japanese equity markets briefly topped 18,000 levels for the first time since 2007 on weaker Yen and strong performance of the US stock markets.
The Nikkei finished more or less unchanged at 17,9352 levels, after hitting a high of 18,030.83 levels. The gains were erased after the data showed the Japanese economy underwent deeper contraction than expected in the third quarter. The economy contracted 1.9% in Q3, compared to the expected contraction of 0.5%. The initial rally was triggered by the record high closing of US stocks triggered by the stellar monthly jobs report.
Among stocks, Toyota Motor Corp jumped 1.3%, extending gains for the seventh day. Nissan Motor Co added 0.3%, while electronics maker Nikon Corp gained 0.3%. Weak Yen also supported other exporter shares.
Nikkei Technical Levels
The index has an immediate resistance located at 18,000, above which the daily high of 18,030 would act as a strong resistance. Meanwhile, support is seen at 17,860.50 and 17,680.50 levels.
The Nikkei finished more or less unchanged at 17,9352 levels, after hitting a high of 18,030.83 levels. The gains were erased after the data showed the Japanese economy underwent deeper contraction than expected in the third quarter. The economy contracted 1.9% in Q3, compared to the expected contraction of 0.5%. The initial rally was triggered by the record high closing of US stocks triggered by the stellar monthly jobs report.
Among stocks, Toyota Motor Corp jumped 1.3%, extending gains for the seventh day. Nissan Motor Co added 0.3%, while electronics maker Nikon Corp gained 0.3%. Weak Yen also supported other exporter shares.
Nikkei Technical Levels
The index has an immediate resistance located at 18,000, above which the daily high of 18,030 would act as a strong resistance. Meanwhile, support is seen at 17,860.50 and 17,680.50 levels.