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ASX 200 RISES AS TECH, FINANCIAL STOCKS GAIN; CPI OUTPERFORMS - Capital Street FX

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    • ASX 200 RISES AS TECH, FINANCIAL STOCKS GAIN; CPI OUTPERFORMS
29-Jan
18:36 IST

ASX 200 futures are currently trading at 6969-lower by 0.09% 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 added 0.53% to close at 7,031.50 on Wednesday. The benchmark inched up today helped by technology and financial shares, even as traders kept a cautious eye on the fast-spreading coronavirus. The index fell 1.35% on Tuesday.

Global stock markets stabilized as the head of the WHO and the Chinese President expressed confidence in the country’s ability to contain the coronavirus outbreak.

The coronavirus has killed 132 people with around 1,500 new cases.

Financial shares rose 1% on Wednesday supported by gains in the Big Four banks. The financial shares advanced today as an immediate rate cut by the RBA appeared less likely, following quarterly inflation data.

Technology shares surged 1.7% today tracking their U.S. peers gains overnight.

Software maker Iress Ltd rose 3.40%, while industry behemoth WiseTech Global Ltd finished 3.46% higher.

The healthcare industry advanced 1.1% supported by drug maker CSL Ltd gains.

On the other hand, gold stocks fell 2.1% today, as the yellow metal prices were little changed after dropping 1% on Tuesday.

Treasury Wine Estates Ltd posted its worst-ever intraday fall today. Stocks of the company plunged after it lowered earnings expectations for fiscal 2020 and 2021, due to increased U.S. competition.

On the economic front, CPI (QoQ) for the fourth quarter released earlier today came in at 0.7%. The CPI growth was above the market expectation of 0.6%.

On the technical front, the RSI is currently at 55.92% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but 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 6975 Take Profit At 6935 Stop Loss At 6995

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