Major support - 20800
Asian markets are trading lower especially Chinese market lost more than 1% after slightly weaker than economic data.Chinese industrial output came at 5.3% in Jan-Feb compared to forecast of 5.5% slowest pace in 17 years. US markets has shown a good recovery in the past two days with Dow Jones at 25450 (0.58% higher) and S&P500 2810 (0.69% higher).Nikkei has has declined nearly 200 points from high of 21538. USDJPY recovered more than 50 pips from low of 111 low made yesterday.It is currently trading around 111.56.
On the lower side, near term support is around 21197 (89- day EMA) and any break below targets 20800/20500/20320.
The near term resistance is at 21545 (300- day EMA) and any break above targets 21650/21800.
It is good to buy on dips around 21000 with SL around 20800 for the TP of 21364/21500.
