20.02.201721:59:00UTC+00Nikkei Faces Psychological Support at 19000, Good to Buy on Dips

Nikkei has continued its winning streak for the second consecutive days  on account of weaker yen. The index 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 19348 0.4% higher.

•The index recovered slightly after making a low of 19035 yesterday on account of weaker yen and the pair has jumped till 113.56 after declining till 112.59. It is currently trading around 113.53.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 minor support is around 19160.

•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 19390

It is good to buy on dips around 19200-225 with SL around 19000 for the TP of 19560/19695