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NIKKEI 225 FALLS AS CORONAVIRUS FEARS DEEPEN - Capital Street FX

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    • NIKKEI 225 FALLS AS CORONAVIRUS FEARS DEEPEN
25-Feb
18:58 IST

Nikkei 225 futures are currently trading at 22465-higher by 1.39% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the Cash Markets, the Nikkei 225 dropped 3.34% to close at 22,605.41 on Tuesday. The broad-market index today posted its worst session in 14 months. The Nikkei share average also ended at its lowest level since October last year.

The index dropped today as traders sold stocks on their first trade after a long weekend and as a rise in pneumonia-causing virus cases beyond China threatened the global economy.

The Japanese stock markets were closed on Monday for a public holiday.

The broader Topix fell 3.33% to close at 1,618.26 on Tuesday, with 98% of the shares on the mainboard in the red.

The China-linked virus death toll jumped to 7 in Italy on the previous day and several Middle East nations were dealing with their first infections.

Stocks of railway operators fell today after the government advised citizens and firms against unnecessary large gatherings.

Central Japan Railway plunged 6.31% to its lowest closing level in about four years. Stocks of East Japan Railway fell 2.9% to a three-and-a-half-year low on Tuesday.

Beer makers also underperformed today, with Asahi Group Holdings and Kirin Holdings dropping 6.33% and 5.12% respectively on Tuesday.

Index-component Dentsu fell 8.03% amid increasing doubts whether the Tokyo Olympics will be held as planned.

The Japanese currency’s sharp rebound over the past couple of days hit exporters today.

Exporters that fell on Tuesday were Subaru Corp (dropped 2.08%), Toyota Motor Corp (fell 3.4%) and Kyocera Corp (dropped 3.66%).

On the economic front, the final reading of the Japanese Leading Economic index for December released earlier today came in at 91.6. The index reading was in line with market expectations.

On the technical front, the RSI is currently at 32.96% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from below to the upside at around 18% and suggests that the market can move in the upward direction.

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

 

Trade Suggestion- Limit Sell At 22480 Take Profit At 22340 Stop Loss At 22550

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