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Nikkei 225 futures are currently trading at 22170-higher by 1.91% as compared to the previous closing. The contract closed in the negative territory in the last trading session.
In the Cash Markets, the Nikkei 225 added 0.84% to close at 22,062.39 on Monday. It was its best closing level since 26th February.
The index advanced today as the US President’s threats against Beijing over new security laws for Hong Kong were less threatening than feared.
The rally was led by short-covering as some traders had a fear that the US President could ditch his trade deal with Beijing or call an immediate end to privileges to the Asian financial hub.
Tokyo today eased restrictions to contain the China-linked virus by allowing theatres and gyms to reopen in a phased manner.
Metal products and highly cyclical securities brokerages were among the top-performing sectors on the main bourse today.
Stocks of chipmakers also outperformed today after the US Philadelphia semiconductor index rose about 3% on Friday (29th May) on hopes of strong demand related to new technologies.
Screen Holdings rose 4.7% while Advantest surged 5.8%.
The broader Topix added 0.32% to close at 1,568.75.
Other top gainers in the index include- Toyo Seikan Group Holdings Ltd (surged 6.9%), Alps Alpine Co Ltd (rose 5.2%) and Fujitsu Ltd (advanced 4.9%).
Top losers in the index include- Daiichi Sankyo Co Ltd (fell 5.7%), Mitsui Mining and Smelting Co Ltd (declined 3.1%) and Isuzu Motors Ltd (dropped 2.7%) on Monday.
On the data front, the Japanese Manufacturing PMI for May released earlier today came in at 38.4. The PMI reading was in line with market expectations.
On the technical front, the RSI is currently at 76.03% and suggests that the market can move in the upward 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 22150 Take Profit At 22430 Stop Loss At 22000