Japan's Nikkei started its day on a quite pleasant note

[gnutrade.satya]

In Asia, the Japan's Nikkei started its day on a quite pleasant note as well as resistance level advanced on a sense that the market had been oversold, with investors also taking heart from gains in the euro.
Takashi Ushio, head of the investment strategy division at Marusan Securities said: "We're seeing pretty active short-covering on a sense that recent risk avoidance moves were exaggerated, leaving markets oversold. But the euro's apparent short-term recovery is also a plus, with market sentiment appearing a bit more positive regarding a solution to the euro zone's debt woes given the EU leaders' meeting later this week."
Hiroichi Nishi, general manager at the equity division of Nikko Cordial Securities said: "The Nikkei may well test resistance, but whether it actually breaks through it or not is problematical given the uncertainties that still linger."
The benchmark Japanese Nikkei closed up 151.51 points to 9,856.76.