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ASX 200 futures are currently trading at 5972-higher by 1.52% as compared to the previous closing. The contract closed in the positive territory in the last trading session.
In the Cash Markets, the ASX 200 added 3.89% today to close at 5,942.30. The index also snapped a three-day losing streak on Tuesday. The ASX 200 lost 2.2% in the previous trading session.
The ASX 200 rose today on the US central bank’s move to start buying corporate bonds and upbeat remarks from the Reserve Bank of Australia.
The US central bank announced on Monday that it would buy individual corporate bonds, adding to other measures launched to improve market functioning.
The sentiment was also lifted after minutes the domestic central bank’s June monetary policy meeting showed that the country’s economic downturn could be shallower than previous estimates.
Financial shares which have high weightage in the index gained as much as 5.4% today. Commonwealth Bank of Australia and Australia & New Zealand Banking Group rose 4.21% and 4.45% respectively today.
Energy shares surged 5.8% and posted their best day since 30th April. Santos Ltd and Worley Ltd gained 5.01% and 8.26% respectively.
Index component Viva Energy Group Ltd surged 15.46% after it flagged better-than-expected first-half core profit and revived its stock repurchase program.
Other top gainers in the index include- Ooh! Media Ltd (surged 12.11%), IOOF Holdings Ltd (rose 11.79%) and AP Eagers Limited (advanced 11.63%).
On the economic front, Australia’s House Price Index (QoQ) for the first quarter released earlier today came in at 1.6%. House Price Index was below the market expectation of 2.7%.
On the technical front, the RSI is currently at 59.67% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit target.
Trade Suggestion-Limit Buy At 5970 Take Profit At 6040 Stop Loss At 5940