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Nikkei posts modest gains

FXStreet (Mumbai) - The Japanese stocks rose in the late afternoon session to end the day moderately higher even though the decline in the Yen paused.

The Nikkei finished the day 56.65 points or 0.33% higher at 17,357.51 levels. The stocks initially came under pressure as investors booked profits as the decline in the Yen appeared to have paused. However, in the late session, the stock reversed trend to end the day higher. Moreover, expectations are high that stocks would continue to rise due to the exchange traded fund buying by the Bank of Japan.

The index was supported by gains in paper producers, mining, and oil and coal producing sectors. Among stocks, Airline Skymark shot up 25.64% on reports of a business alliance with rival JAL. Meanwhile, mobile game developer Marvelous surged 23.74% on the news that the company will launch a smart phone game in December. On the minus side were wholesalers and textile makers, who were pressured by profit-taking.

Nikkei Technical Levels

The index has an immediate resistance at 17,472 levels, above which prices may re-test 17,520 levels. On the flip side, a break below the immediate support at 17,095.50, shall open doors for 16,895.50 on the downside.

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