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Nasdaq 100 rise on better than expected Chinese data - Capital Street FX

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    • Nasdaq 100 rise on better than expected Chinese data
01-Nov
23:06 IST

Nasdaq 100 futures are currently trading at 8102.62-higher by 0.15% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the Cash Markets, the Nasdaq 100 inched down by 0.14% to close at 8,292.36 on Thursday.

U.S unemployment rate for October month has released today. The reading has raised to 3.6% from 3.5% in the previous month.

Increase in unemployment, decrease in manufacturing data and fresh uncertainty over trade deal can push the market in the downward direction.

U.S Futures started higher on Friday due to improved Chinese manufacturing data.

Colgate-Palmolive Co. shares edged down after news that revenue fell short in the 3rd quarter, while American International Group Inc. shares inched up after reporting a profit in the 3rd quarter.

U.S treasury yields rose on Friday after the positive news release of non-farm employment report. 10-year Treasury note yield gained 0.73% on Friday.

U.S. Commerce Secretary Wilbur Ross said on Friday that initial phase one trade deal with China is on track and likely to be signed around mid-November.

On the technical front, the 13-day EMA and the 26-days EMA indicate strong bullish momentum in the market. Formation of price rejection candlestick pattern on the daily chart suggests the market will move on the positive side.

TRADE SUGGESTION- BUY@ 8,130, STOPLOSS@ 8,120, TARGET@ 8,160

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