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Nikkei rises to a 7-year high

FXStreet (Mumbai) - The Japanese equities opened sharply higher today, with the Nikkei topping the 17,000 mark for the first time since mid-October 2007.

The Nikkei ended the day 2.73% higher at 2.73%, supported by the strong US Dollar which remained in the upper 113 yen zone following the surprise stimulus expansion from the Bank of Japan last week. The Nikkei index breadth was positive with an advance decline ratio of 195:29. Among the stocks, Daiwa securities rose 12.28%, while Sony Corp. gained 11.05%. Higashi-Nippon Bank surged 15 percent and Bank of Yokohama climbed over 3 percent after announcing that they are considering a merger.

The index had opened higher by 4% today, although some amount of technical correction was expected to pull down the prices.

Nikkei Technical Levels

The index has an immediate support located at 16,533 levels, under which the prices can fall to 16,374 levels. On the flip side, the resistance is seen at 17,194 levels.

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