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NIKKEI 225 INCHES UP ON STRONG US DATA, INDUSTRIAL PRODUCTION DISAPPOINTS - Capital Street FX

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    • NIKKEI 225 INCHES UP ON STRONG US DATA, INDUSTRIAL PRODUCTION DISAPPOINTS
20-Jan
20:12 IST

Nikkei 225 futures are currently trading at 24040-higher by 0.06% 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 added 0.18% to close at 24,083.51 on Monday. It was the benchmark’s highest closing level since October 2018.

The broad-market index inched up today on strong U.S. economic data and investor optimism after the initial Sino-U.S. trade deal.

The broader Topix inched up 0.50% to close at 1,744.16 on Monday.

The gains came following US markets’ record close on Friday after strong housing data.

The positive sentiment was also supported by the signing of the phase 1 trade deal between the U.S. and China.

Trading volumes were low today since U.S. markets are closed for a public holiday. Turnover at the Tokyo Stock Exchange’s main board today dropped to the lowest level so far this year.

The TSE’s construction company index advanced 1.3% to become the top gainer.

Chip-related stocks also outperformed today.

Exporters that gained on Monday were Tokyo Electron (soared 0.62%) and Kyocera Corp (advanced 0.47%).

Other top percentage gainers in the index include- CyberAgent Inc (rose 3.4%), Taiyo Yuden (added 3.2%) and IHI Corp (advanced 2.4%).

On the other hand, Toshiba Corp dropped 3.54% after it found possible accounting irregularities at a wholly-owned subsidiary.

On the economic front, the Japanese Industrial Production (MoM) for November released earlier today came in at -1.0%. Production change was below the consensus estimates of a fall of 0.9%.

On the technical front, the RSI is currently at 59.53% and suggests that the market can move in the downward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 90% 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 24020 Take Profit At 24160 Stop Loss At 23950

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