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ASX 200 RISES ON BETTER-THAN-EXPECTED CHINA DATA -

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    • ASX 200 RISES ON BETTER-THAN-EXPECTED CHINA DATA
14-Apr
22:26 IST

ASX 200 futures are currently trading at 5472-higher by 0.39% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the ASX 200 added 1.87% today to close at 5,488.10. The index ended at a one-month high today.

The ASX 200 rose today as China reported smaller-than-expected contractions in exports and imports in March which outweighed concerns over the deepening economic fallout from the pandemic.

The Chinese Trade Balance for March released earlier today came in at 19.90 billion US dollars. The Trade Balance was above the market expectation of 18.55 billion US dollars.

The Gold index rose to close at its highest in about a month. Gold miner Newcrest Mining today posted its best day since November 2008.

The energy sub-index gained 1% today. Oil Search and Woodside Petroleum surged 1.85% and 0.73% respectively on Tuesday.

Crude prices advanced today after the main U.S. energy forecasting agency forecast shale output in the world’s largest economy would decline by the most on record in the current month.

Financial shares which have high weightage in the index mostly closed higher on Tuesday. Commonwealth Bank of Australia and National Australia Bank rose 1.60% and 2.86% respectively today.

Westpac Banking Corp advanced 1.94% despite the bank said it expected lower first-half earnings and higher credit losses.

Mining heavyweights Rio Tinto Ltd and BHP Group added 1.61% and 0.51% on Tuesday.

On the data front, NAB Business Confidence for March released earlier today came in at -66. The NAB Business Confidence was below the market expectations of -15.

On the technical front, the RSI is currently at 54.68% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed %D from below to the upside at around 81% and suggests that the market can move in the upward 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 5460 Take Profit At 5530 Stop Loss At 5425

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01-Apr
21:52 IST

ASX 200 futures are currently trading at 5126-higher by 0.27% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the ASX 200 rose 3.58% today to close at 5,258.60. The index ended at its highest level since 17th March. The ASX 200 dropped 2.02% on Tuesday.

The index rose today after better-than-expected economic data from China showed some signs of improvement. The energy and mining sectors led the gains in the index.

A private survey showed today that China’s factory activity improved in March after falling a month earlier. Beijing also plans to step up monetary policy adjustments to stem the economic impact of the coronavirus.

The energy sub-index rose 7.5% today and recorded its best day since October 2008. Santos and Oil Search surged 9.65% and 12.61% respectively on Wednesday.

Mining shares, which were among the worst affected by the Sino-U.S. trade tensions, rose after Brazil’s Vale said the resumption of its lost production capacity could be postponed due to the China-linked virus. Index heavyweights Rio Tinto Ltd and BHP Group gained more than 4% on Wednesday.

Financial shares which have high weightage in the index mostly closed higher on Wednesday. Commonwealth Bank of Australia and ANZ Banking Group Limited advanced 2.99% and 0.53% respectively today.

The Australian Healthcare shares rose today with index components Ramsay Health Care and CSL Ltd rising 8.01% and 3.48% respectively.

On the economic front, the Australian Manufacturing PMI for March released earlier today came in at 49.7. The PMI reading was below the consensus estimates of 50.1.

In addition, Australia’s Building Approvals (MoM) for February also released earlier today came in at 19.9%. Approvals were above the consensus estimates of 4.5%.

On the technical front, the RSI is currently at 43.66% and suggests that the market can move in the downward direction. The current price is above the MA5. The %K has crossed %D from below to the upside at around 5% and suggests that the market can move in the upward 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 5110 Take Profit At 5180 Stop Loss At 5075

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