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18:50 IST

ASX 200 futures are currently trading at 6228-lower by 1.17% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the ASX 200 lost 0.77% to close at 6,391.50 on Monday. It was its lowest closing level in nine months. The index also posted its seventh straight session of losses. The ASX 200 plunged as much as 3% during the session due to weaker-than-expected Chinese economic data and fast-spreading of the coronavirus.

The index, however, closed well above the session lows today amid increasing expectations of central bank stimulus to support the economy from the China-linked virus impact.

Australia’s financial regulators were in an emergency meeting earlier today to discuss the impact of the pneumonia-causing virus outbreak on the economy.

The Reserve Bank of Australia’s interest rate decision is scheduled to be released on Tuesday. The markets now expect the central bank to lower its interest rates on Tuesday at its scheduled monthly review.

Financial shares were the top losers today. Index components National Australia Bank and Westpac Banking Corp fell 2.51% and 1.9% respectively on Monday.

Stocks of top lender Commonwealth Bank of Australia closed lower for the sixth straight session on Monday.

The mining sub-index fell 0.9% today. Stocks of Fortescue Metals Group recorded their biggest intraday drop in about four years, as the company traded ex-dividend.

On the other hand, energy shares rose 1.1% as oil prices advanced on expected supply cut from the OPEC and stimulus hopes from global central banks. Index heavyweights Santos Ltd and Woodside Petroleum rose 2.93% and 1.47% respectively on Monday.

On the economic front, Australia’s Commonwealth Bank Manufacturing PMI for February released earlier today came in at 50.2. The PMI reading was above the market expectation of 49.8.

On the technical front, the RSI is currently at 19.36% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger bands and is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.


Trade Suggestion- Limit Sell At 6250 Take Profit At 6180 Stop Loss At 6285

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