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NIKKEI 225 EDGES DOWN ON CONCERNS ABOUT GROWING COVID-19 INFECTIONS -

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    • NIKKEI 225 EDGES DOWN ON CONCERNS ABOUT GROWING COVID-19 INFECTIONS
22-Jun
22:29 IST

Nikkei 225 futures are currently trading at 22500-higher by 0.60% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the Nikkei 225 lost 0.18% to close at 22,437.27 on Monday. There were 72 gainers against 147 losers on the benchmark index today.

The index dropped today as concerns about the rising number of COVID-19 cases worldwide kept traders on edge.

The WHO over the weekend reported a record rise in global COVID-19 infections.

The sentiment was also dampened after US tech giant Apple last week announced a reclosure of its 11 stores in some locations.

The news hit Apple-related shares in Japan today. Alps Alpine and Murata Manufacturing Co Ltd dropped 1.73% and 0.79% on Monday.

The broader Topix lost 0.23% to close at 1,579.09. Almost two-third of thirty-three sub-indices on the Tokyo Stock Exchange closed lower today.

Airlines and land transport shares were the top losers among Tokyo Stock Exchange sub-indices.

Other top losers in the index include- Mitsui E&S Holdings Co Ltd (fell 5.6%), Keio Corp (declined 4.1%) and Yamaha Corp (dropped 3.2%) on Monday.

On the other hand, top gainers in the index include- Z Holdings Corp (surged 5.3%), CyberAgent Inc. (rose 3.1%) and NTN Corp (advanced 2.7%).

On the economic front, the Manufacturing PMI is scheduled to be released on early Tuesday. The PMI reading is expected to rise to 47.5 from 38.4 in the previous month.

On the technical front, the RSI is currently at 60.99% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle band of the Bollinger Bands but is heading upwards.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion-Limit Buy At 22470 Take Profit At 22770 Stop Loss At 22320

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