22 Dec 2014
Nikkei eases after a solid start, Showa Shell Sekiyu KK jumps 27%
FXStreet (Mumbai) - The Japanese equities index retreated now after opening higher as traders took to profit booking after rallies in the last week.
The benchmark Nikkei 225 index trades unchanged at 17613.50, compared to previous session’s close of 17613.40. The index remains supported on the back of positive lead from Wall Street on renewed optimism about the US economy and a weak Japanese currency. The index breadth is negative with an advance decline ratio of 92:116.
Shares of Showa Shell Sekiyu KK were up nearly 27.45% on reports the company is in talks with Idemitsu Kosan for a tie-up. Idemitsu may acquire Showa Shell Sekiyu for $4.2 billion in a deal that could create the country's second-largest domestic gasoline player. Hitachi Zosen Corp. rose nearly 15 %. JX Holdings gained 6.8 %.
Among the losers, Chugai Pharmaceutical Co. declined 4.13%. Fukuoka Financial Group, NSK Ltd., Toyo Seikan Group Holdings lost 1.5 to 2.7%.
Nikkei Technical Levels
The index has an immediate resistance stands at 17630 (Dec 10 High) above which gains could be extended to 17881.76 (Dec 3 High) levels. Meanwhile, support is seen at 17451.02 (100-day SMA) and from here to 17393.16 (10-day SMA) levels.
The benchmark Nikkei 225 index trades unchanged at 17613.50, compared to previous session’s close of 17613.40. The index remains supported on the back of positive lead from Wall Street on renewed optimism about the US economy and a weak Japanese currency. The index breadth is negative with an advance decline ratio of 92:116.
Shares of Showa Shell Sekiyu KK were up nearly 27.45% on reports the company is in talks with Idemitsu Kosan for a tie-up. Idemitsu may acquire Showa Shell Sekiyu for $4.2 billion in a deal that could create the country's second-largest domestic gasoline player. Hitachi Zosen Corp. rose nearly 15 %. JX Holdings gained 6.8 %.
Among the losers, Chugai Pharmaceutical Co. declined 4.13%. Fukuoka Financial Group, NSK Ltd., Toyo Seikan Group Holdings lost 1.5 to 2.7%.
Nikkei Technical Levels
The index has an immediate resistance stands at 17630 (Dec 10 High) above which gains could be extended to 17881.76 (Dec 3 High) levels. Meanwhile, support is seen at 17451.02 (100-day SMA) and from here to 17393.16 (10-day SMA) levels.