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Nikkei set for positive start, any rally seen capped
March 1, 2012 / 11:42 PM / 6 years ago

Nikkei set for positive start, any rally seen capped

 TOKYO, March 2 (Reuters) - Japan's Nikkei share
average is expected to open with a positive tone on Friday
following gains on Wall Street, but profit-taking ahead of the
weekend may prevent it from breaking above a six-month high hit
earlier in the week.	
 "I think the market will try the upside in the morning but
few may chase the upside aggressively given the recent
overheating in the market," said a trader at a Japanese
 Market players said the Nikkei was likely to trade between
9,700 to 9,850 on Friday, with major support at the five-day
moving average, which stood at 9,687 on Thursday.	
 Nikkei futures in Chicago <0#NIY:> closed at 9,790, up from
the close in Osaka of 9,710.	
 The cash Nikkei fell 0.2 percent to 9,707.37 on
Thursday, while technical indicators suggest the market is
overbought in the near-term after a gain of more than 10 percent
in February.	
 Concerns about a possible correction have capped the
Nikkei's advance at around 9,865 in the past two days as many
domestic investors took profits. It hit a six-month intraday
high of high of 9,866 on Wedneday.	
 Wall Street shares rose on Thursday on upbeat data on the
labor market, although sharp gains in oil prices limited the
>Wall St returns to 2008 highs on banks              
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 -- Nissan 	
 Nissan Motor plans to launch cheap automobiles tailored for
emerging markets under its old Datsun brand in 2014, The Nikkei
 -- Olympus 	
  Michael Woodford, the ousted Olympus chief executive who
blew the whistle on one of Japan's most high-profile frauds,
vowed he would hold his former employer to account as he kicked
off his legal battle for wrongful dismissal in London on
 -- Asahi Group 	
 Asahi is emerging as a frontrunner to buy eastern European
brewer StarBev in a deal expected to fetch up to $3 billion for
private equity owner CVC Capital Partners, people familiar with
the matter said on Thursday. 	
 (Reporting by Hideyuki Sano; Editing by Richard Pullin)	

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