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21:25 IST

Nikkei 225 futures are currently trading at 17025-lower by 2.54% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the Cash Markets, the Nikkei 225 rose 2.02% to close at 16,887.78 on Monday. The index touched a three-and-a-half-year low of 16,378.94 in the last week.

The Japanese index advanced today bucking the overall trend in Asian markets. The Nikkei 225 rose as investors cheered the news that the Olympics will not be canceled after the IOC flagged the possibility of a postponement of the Games for the first time.

Asian markets fell today on recession fears as more nations adopted draconian measures to cap the spreading of the pneumonia-causing virus.

The sentiment was further lifted by the hopes of the Japanese central bank’s buying ETF’s more aggressively and PPFs rebalancing their portfolio following recent sell-offs.

The Nikkei’s volatility index fell 6.0% to 54.97 on Monday.

The International Olympic Committee said on the weekend that it would hold discussions, including an option of putting back the original start date or even moving the games by a year or more. The IOC further said canceling the Tokyo Games would not solve problems.

The Japanese PM said earlier today that the Tokyo Games may need to be postponed if the games cannot be held in its complete form due to the coronavirus.

Index component Dentsu Group surged today on relief after the International Olympic Committee signaled it was looking to postpone the Tokyo Games but not cancel the event.

Softbank Group rose to hit its daily limit today and became the mot-traded share on the bourse. Stocks of the company surged after it said it would sell up to $41 billion in assets to fund a stock repurchase of up to 2 trillion yen and reduce debt.

Other top gainers in the index include Mitsui E&S Holdings Co Ltd (gained 21.2%), Yokogawa Electric Corp. (advanced 16.1%) and Trend Micro Inc (rose 14.8%).

The broader Topix inched up 0.68% to close at 1,292.01.

On the technical front, the RSI is currently at 34.1% 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 15% 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 targets.


Trade Suggestion-Limit Buy At 17000 Take Profit At 17300 Stop Loss At 16850

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