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NIKKEI 225 INCHES UP AFTER FED CUT; HOUSEHOLD CONFIDENCE OUTPERFORMS - Capital Street FX

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    • NIKKEI 225 INCHES UP AFTER FED CUT; HOUSEHOLD CONFIDENCE OUTPERFORMS
31-Oct
19:49 IST

Nikkei 225 futures are currently trading at 22698-lower by 0.57% 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 added 0.37% to close at 22,927.04 on Thursday. The broad market index stayed below a one-year intraday high of 23,008 hit earlier this week, with investors keen to sell near 23K.

The benchmark index inched up today after the U.S. central bank slashed interest rates for the third time this year on Wednesday.

The Nikkei share average advanced 5.4% this month. It was its best monthly performance since September 2018.  The broader Topix edged up 0.067% to close at 1,667.01 on Thursday and the turnover rose to 2.712 trillion yen.

Better-than-expected earnings also boosted some stocks on Thursday.

Stocks of Sony today rose 4.08% to 18-year highs. The company’s stocks jumped after it posted record profits for the second quarter due to robust sales of image sensors.

Shionogi & Co advanced 4.51% on strong sales of its HIV drugs. Semi-conductor making machine maker Advantest plunged 8.76% despite solid earnings.

Cyclical sectors such as shippers and securities brokerages led the losses today.

Shippers, sensitive to developments in the Sino-U.S. trade dispute and global demand, closed mixed today. Mitsui OSK Lines fell 3.38% while Kawasaki Kisen rose 1.87%.

Stocks of Food companies ended in negative territory today. Takara Holdings dropped 0.19% and NH Foods lost 0.98% on Thursday.

On the data front, Japanese Household Confidence for October released earlier today came in at 36.2. The index reading was above the consensus estimates of 35.3.

On the technical front, the RSI is currently at 61.27% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.

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

 

Trade Suggestion- Limit Sell At 22710 Take Profit At 22580 Stop Loss At 22780

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