Back
16 Dec 2014
Nikkei ends below 17,000
FXStreet (Mumbai) - The Japanese stock markets continued to fall today tracking strength in the Yen and the overnight weakness in the US equities.
The Nikkei index fell 2.01% to finish at 16,7554.32 levels, compared to the previous session’s close of 17,099.40 levels. The sentiment worsened further by the sluggish HSBC Flash China Manufacturing Purchasing Managers’ Index for December. Brokers also said, the bearish pressure on Nikkei may have intensified as hedge funds may have sold futures to hedge against the losses incurred in long Crude oil trades.
Among stocks, Russia related stocks weakened, such as engineering company JGC and food and beverage maker JT. Major exporters like automakers Toyota, Honda and Fuji Heavy, also retreated, due to a pause in the yen’s weakening. Meanwhile, the plus side included shares in Skymark, which gained 22.56% on a news report that the airline has sounded out ANA about code-sharing flights that would also involve JAL, market sources said.
Nikkei Technical Levels
The index has ended just above the immediate support located at 16,713.37 (Nov. 10 low), below which losses could be extended to 16,533.91 levels (Oct. 31 high). Meanwhile, the resistance is seen at 17,000 and 17,127.66 levels (Nov. 4 high).
The Nikkei index fell 2.01% to finish at 16,7554.32 levels, compared to the previous session’s close of 17,099.40 levels. The sentiment worsened further by the sluggish HSBC Flash China Manufacturing Purchasing Managers’ Index for December. Brokers also said, the bearish pressure on Nikkei may have intensified as hedge funds may have sold futures to hedge against the losses incurred in long Crude oil trades.
Among stocks, Russia related stocks weakened, such as engineering company JGC and food and beverage maker JT. Major exporters like automakers Toyota, Honda and Fuji Heavy, also retreated, due to a pause in the yen’s weakening. Meanwhile, the plus side included shares in Skymark, which gained 22.56% on a news report that the airline has sounded out ANA about code-sharing flights that would also involve JAL, market sources said.
Nikkei Technical Levels
The index has ended just above the immediate support located at 16,713.37 (Nov. 10 low), below which losses could be extended to 16,533.91 levels (Oct. 31 high). Meanwhile, the resistance is seen at 17,000 and 17,127.66 levels (Nov. 4 high).