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Nikkei gains 0.29%

FXStreet (Mumbai) - The Japanese equity markets opened higher today after the extended weekend, although the index erased part of its early morning gains to end the day moderately higher.

The Nikkei finished the day 0.29% higher at 17,407.62 levels. The index had opened higher tracking the DJIA’s record closing for a third straight session yesterday. However, part of the initial gains were erased as the USD/JPY pair fell below 118.00 levels.

Exporter shares like automakers Toyota, Honda and Mazda, as well as electronics-maker Sony and camera-maker Canon gained strength despite signs of strength in the Yen. Other major gainers were construction machinery maker Komatsu, rival Hitachi Construction, and trading house Mitsui.

Meanwhile, on the minus side were stocks like Otsuka Holdings, Hisamitsu Pharmaceutical and Astellas, which suffered heavy losses.

Nikkei Technical Levels

The index has an immediate resistance located at 17472 (Nov. 19 high), above which gains could be extended to 17,520 levels. Meanwhile, support is located at 17,095.50 and 16,895.50 levels.

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