27 Jan 2015
Nikkei ends with solid gains on the yen’s drop
FXStreet (Mumbai) - The Japanese stock markets staged a strong recovery today, supported by Yen’s drop and overnight rise in Europe and American markets.
The Nikkei index ended 299.78 points or 1.72% higher at 17,768.30 levels. The stock markets began on a positive note after European and Amercian markets posted solid gains despite victory for leftist Syriza in Greece elections. Stocks lost some momentum after the Yen’s slide halted, however, expectations of improved corporate performance made sure the markets surged higher closer to the closing bell.
Europe-related stocks, such as camera-maker Canon, precision equipment manufacturer Olympus and automaker Mazda, gained ground. Export-oriented stocks like Toyota, Daikin and Kyocera. On the losing side was trading house Marubeni, which fell after the company revised lower its its consolidated net profit estimates for fiscal 2014.
Nikkei Technical Levels
A strong resistance is seen at 17,914 levels, above which the index could re-test Dec. 8 high of 18,030 levels. On the flip side, a break below 17,649, shall open doors for 17,520 levels on the downside.
The Nikkei index ended 299.78 points or 1.72% higher at 17,768.30 levels. The stock markets began on a positive note after European and Amercian markets posted solid gains despite victory for leftist Syriza in Greece elections. Stocks lost some momentum after the Yen’s slide halted, however, expectations of improved corporate performance made sure the markets surged higher closer to the closing bell.
Europe-related stocks, such as camera-maker Canon, precision equipment manufacturer Olympus and automaker Mazda, gained ground. Export-oriented stocks like Toyota, Daikin and Kyocera. On the losing side was trading house Marubeni, which fell after the company revised lower its its consolidated net profit estimates for fiscal 2014.
Nikkei Technical Levels
A strong resistance is seen at 17,914 levels, above which the index could re-test Dec. 8 high of 18,030 levels. On the flip side, a break below 17,649, shall open doors for 17,520 levels on the downside.