5 Dec 2014
Nikkei gains for the sixth consecutive session
FXStreet (Mumbai) - Japanese stock markets erased initial losses to end the day higher for a sixth session after the yen weakened past 120.00 levels against the US dollar.
The Nikkei index ended 0.19% higher at 17,920.45 levels, compared to the previous session’s close of 17,887.21 levels. The stocks were trading weak during the early session as sentiment was weak due to a drop in the European and the US equities. However, the markets recovered later as the USD/JPY topped 120.00 levels for the first time in seven years and four months.
The Auto sector stocks like Toyota and Nissan saw a big surge in buying interest along with gains in Honda. Exporter shares gained along with Industrial robot-maker Fanuc, air conditioner-maker Daikin and construction machinery-maker Komatsu.
Meanwhile, the index heavyweights like clothing store chain operator Fast Retailing and mobile phone carrier SoftBank weakened due to profit taking.
Nikkei Technical Levels
The index has an immediate resistance at 18,000, above which gains could be extended to 18,138 and 18,300 levels. Meanwhile, support is seen at 17,813 and 17,758 levels.
The Nikkei index ended 0.19% higher at 17,920.45 levels, compared to the previous session’s close of 17,887.21 levels. The stocks were trading weak during the early session as sentiment was weak due to a drop in the European and the US equities. However, the markets recovered later as the USD/JPY topped 120.00 levels for the first time in seven years and four months.
The Auto sector stocks like Toyota and Nissan saw a big surge in buying interest along with gains in Honda. Exporter shares gained along with Industrial robot-maker Fanuc, air conditioner-maker Daikin and construction machinery-maker Komatsu.
Meanwhile, the index heavyweights like clothing store chain operator Fast Retailing and mobile phone carrier SoftBank weakened due to profit taking.
Nikkei Technical Levels
The index has an immediate resistance at 18,000, above which gains could be extended to 18,138 and 18,300 levels. Meanwhile, support is seen at 17,813 and 17,758 levels.