22 Jan 2015
Caution ahead of ECB caps gains in Nikkei
FXStreet (Mumbai) - The Japanese equity markets ended up with modest gains, as caution ahead of the ECB meeting capped risk appetite among investors.
The Nikkei index ended 48.54 points or 0.28% higher at 17,329.02 levels, compared to the previous session’s close at 17,280.48 levels. At one point of time, profit taking in the stocks drove the index into the negative territory, however strength in the USD/JPY made sure the index closed with moderate gains.
Meanwhile, investors remained cautious ahead of the ECB meet. Moreover, attention has already shifted to when the ECB will start buying government bonds and which countries will be covered by the program, brokers said.
Among stocks, SoftBank, KDDI and NTT enjoyed solid gains. Strength was also seen in shares of Sumitomo Mitsui. Meanwhile, shares in oriental land tanked 5.29%, as the stock was hit by profit taking after sharp gains seen in recent sessions. The minus side also included automaker Toyota, clothing retailer Fast Retailing and tire-maker Bridgestone.
Nikkei Technical Levels
The immediate resistance is seen at 17,366.30, above which gains could be extended to 17,526 levels. Meanwhile, support is seen at 17,203 and 17,141 levels.
The Nikkei index ended 48.54 points or 0.28% higher at 17,329.02 levels, compared to the previous session’s close at 17,280.48 levels. At one point of time, profit taking in the stocks drove the index into the negative territory, however strength in the USD/JPY made sure the index closed with moderate gains.
Meanwhile, investors remained cautious ahead of the ECB meet. Moreover, attention has already shifted to when the ECB will start buying government bonds and which countries will be covered by the program, brokers said.
Among stocks, SoftBank, KDDI and NTT enjoyed solid gains. Strength was also seen in shares of Sumitomo Mitsui. Meanwhile, shares in oriental land tanked 5.29%, as the stock was hit by profit taking after sharp gains seen in recent sessions. The minus side also included automaker Toyota, clothing retailer Fast Retailing and tire-maker Bridgestone.
Nikkei Technical Levels
The immediate resistance is seen at 17,366.30, above which gains could be extended to 17,526 levels. Meanwhile, support is seen at 17,203 and 17,141 levels.