Nikkei falls as weak Japanese data weigh

FXStreet (Mumbai) - The Japanese equities index moved away from 15-year highs and tumbled in a fresh start to the week, tracking losses from Wall Street on Friday after stronger-than-expected U.S. non-farm payroll employment data fuelled expectations that the US Fed will raise interest rates sooner rather than later.

The benchmark Nikkei 225 index fell by -0.77% at 18825 levels, retreating from multi-year highs of 18979.64 reached in the previous session. The index extended losses after weaker Japanese GDP data than initially estimated hampered investors’ sentiments. A weaker yen across the board also failed to lift the stocks.

The index trades with a negative market breadth, the advance-decline ratio being 47:169. Aozora Bank is the top gainer rallying 4.30%, Sompo Japan Nipponko is up 2.47%. Among the top losers, Kansai Electric Power is down -3.67%. While, Sumitomo Realty is lower by more than 3%.

Nikkei Technical Levels

The index has an immediate resistance stands at 18979.64. Meanwhile, support is seen at 18700 levels and from here to 18587 levels.