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ASX 200 futures are currently trading at 5300-higher by 3.99% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.
In the Cash Markets, the ASX 200 edged down 0.0019% today to close at 5,221.20. The index ended flat today as better-than-expected retail sales economic data helped counter losses in energy and mining shares.
Retail Sales saw a record jump in the last month due to coronavirus-led panic buying. Sales, however, are likely to fall in the current month due to the enforcement of strict social distancing rules.
Index components Woolworths Group and Coles Group added 0.78% and 1.13% respectively on Wednesday.
The Australian Healthcare index rose by 1.3% on Wednesday. Cochlear Ltd and CSL Ltd advanced 0.42% and 2.07% respectively today.
Hospital Operator Ramsay Health Care today disclosed plans for the biggest capital raise by an Australian company since the coronavirus outbreak. The company announced it would raise up to $880 million.
The heavyweight mining sub-index fell 2.3% as China iron ore futures declined over worries about surplus supply.
The energy sub-index dropped 1.1% as the rout in crude prices continued and oversupply fears sent the international benchmark to its lowest levels since 1999. Oil Search and Woodside Petroleum dropped 3.60% and 1.46% respectively on Wednesday.
Financial shares which have high weightage in the index mostly closed higher on Wednesday. Commonwealth Bank of Australia and National Australia Bank rose 1.06% and 1.66% respectively today.
On the economic front, Westpac Leading Index (MoM) for March released earlier today came in at -0.8%. The index change was better-than-the consensus estimates of a fall of 1%.
On the technical front, the RSI is currently at 48.22% and suggests that the market can move in the upward direction. The current price is above the MA20. The %K has crossed %D from above to the downside at around 93% and suggests that the market can move in the downward direction.
Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit target.
Trade Suggestion-Limit Buy At 5290 Take Profit At 5360 Stop Loss At 5255