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Nikkei 225 futures are currently trading at 19785-higher by 1.88% 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 rose 2.71% to close at 19,783.22 on Monday. It was its highest closing since 17th April. The index advanced today as upbeat earnings reports and a rise in US index futures lifted market sentiment.
The Nikkei’s volatility index dropped 9.8% to 34.9 on Monday.
The Bank of Japan maintained its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0% on Monday. The BoJ also announced measures to stem the economic impact of the virus on the country’s economy.
The Bank of Japan, however, left the annual pace of its purchases of Japanese real estate investment trusts and ETFs unchanged.
Index component Advantest Corp. surged 8.37% after the company expects a 14.2% rise in operating profit for the current quarter.
Robot maker Fanuc Corp jumped about 12% following the release of the company’s financial results for the business year ended in March 2020.
Daiichi Sankyo Co Ltd dropped 1.5% after the company posted about a 57% fall in net profit for the year through March. The drugmaker announced a 3-for-1 stock split.
Stocks of Denso Corp dropped 2.3% after the company lowered earnings forecast for the year ending March 2021.
The broader Topix rose 1.83% to close at 1,447.25. All except one of the thirty-three sub-indices on the Tokyo Stock Exchange closed higher today.
The trading volume of stocks on the main board valued at 2.01 trillion yen compared to the average of 2.35 trillion yen in the last 20 days.
On the technical front, the RSI is currently at 56.96% 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 53% 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 19750 Take Profit At 20050 Stop Loss At 19600