9 Dec 2014
Nikkei drifts lower, tracks weak global cues
FXStreet (Mumbai) - The Japanese equities index opened lower in Asian trading, tracking overnight Wall Street’s losses and on renewed concerns about global economic growth.
Nikkei trades -0.78% lower at 17795.50 levels at time of writing, after clocking day’s high at 17895 in the early Asian hours. Broad based sell off in equities and commodities overnight and a relatively stronger yen also contributed to the weak start in the Nikkei index today. The index breadth is negative with the advance decline ratio at 62:154.
Eisai, Sony Corp., Alps Electric, Inpex Corp., Sony Corp, NGK Insulators Ltd., Panasonic Corp., Tokyo Electron Ltd. lost 2 to 4 percent. Among the gainers, Ube Industries rose 3.3 percent. Advantest Corp, Dentsu Inc. and Daiwa House Industry moved up 2 to 2.6 percent.
Nikkei Technical Levels
The index has an immediate resistance stands at 18000 (2007 levels) above which gains could be extended to 18200 levels. Meanwhile, support is seen at 17759.36 (Dec 5 Low), 17696 (Dec 3 Low) and from here to 17682 (50-day SMA) levels.
Nikkei trades -0.78% lower at 17795.50 levels at time of writing, after clocking day’s high at 17895 in the early Asian hours. Broad based sell off in equities and commodities overnight and a relatively stronger yen also contributed to the weak start in the Nikkei index today. The index breadth is negative with the advance decline ratio at 62:154.
Eisai, Sony Corp., Alps Electric, Inpex Corp., Sony Corp, NGK Insulators Ltd., Panasonic Corp., Tokyo Electron Ltd. lost 2 to 4 percent. Among the gainers, Ube Industries rose 3.3 percent. Advantest Corp, Dentsu Inc. and Daiwa House Industry moved up 2 to 2.6 percent.
Nikkei Technical Levels
The index has an immediate resistance stands at 18000 (2007 levels) above which gains could be extended to 18200 levels. Meanwhile, support is seen at 17759.36 (Dec 5 Low), 17696 (Dec 3 Low) and from here to 17682 (50-day SMA) levels.