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Nikkei gains on strong factory output data

FXStreet (Mumbai) - The Japanese equity markets gained strength today as factory output data beat market expectations. Meanwhile, the sentiment also remained strong on earnings optimism.

The Nikkei ended 1.46% higher today at 15,553 levels after the official data in Japan revealed that the Industrial production rose by 2.7% in September, its fastest pace since January. Meanwhile, the Nomura share price rose by 4.4% after it reported better-than-expected earnings. The robot manufacturer Fanuc share price gained 1.86%, while the Sony share prices gained 5.43% today. However Honda motors stock slipped 0.08% after it trimmed its full-year sales forecasts in the face of tough competition in Japan and China.

Moreover, the stock prices inched higher despite the USD/JPY exchange rate trading in the sideways manner around 108.00 levels.

Nikkei Technical levels

The index has an immediate resistance at 15,628 (Aug 25th high), above which prices can rise to 15,759 (July 31st high). On the flip side, the index may fall to 15,257 levels if the immediate support at 15,400 is breached.

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