19.02.201721:55:00UTC+00Nikkei Faces Strong Support at 19000, Good to Sell on Rallies

Nikkei has taken support near psychological level at 19000 and jumped slightly from that level.Nikkei is facing strong support at 55- day EMA at 18955  and any further weakness can be seen only below that level. It is currently trading at 19241 0.55% higher.

•The index is trading slightly weak on account of stronger yen and the pair has jumped till 113.15 after declining till 112.59. It is currently trading around 113.15.It's major resistance is around 115 and minor bullishness can be seen above that level.

• On the lower side , 18955 (55- day EMA) is acting as next immediate support and any break below targets 18850/18638 (Jan 18th 2017 low).

•The major weekly resistance is around 19566 (26th Jan 2017 high) and any break above will take the index till 19698/20000. The minor resistance is around 19284 (61.8% retracement of 19698 and 18638)/19390.

It is good to sell on rallies around 19300 with SL around 19500 for the TP of 19105/19000/18850.