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NIKKEI 225 RISES ABOVE MA5 ON U.S.-CHINA DEAL - Capital Street FX

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    • NIKKEI 225 RISES ABOVE MA5 ON U.S.-CHINA DEAL
15-Oct
19:10 IST

Nikkei 225 futures are currently trading at 22253-higher by 1.11% 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 1.87% to close at 22,207.21 on Tuesday. It was its biggest daily gain in more than a month.

The broad market index also hit its highest level since late April in response to a potential Sino-U.S. trade deal outlined by the U.S. President last week.

Investors bought construction stocks after a Typhoon caused widespread damage in central and eastern Japan.

The broader Topix advanced 1.56% to close at 1,620.20 on Tuesday.

Washington and Beijing reached the first phase of a substantial trade deal on Friday that delays tariff hikes that were set to take effect on 15th October. But officials from both countries said much more work was needed before an accord could be agreed.

Shippers, sensitive to developments in the Sino-U.S. trade dispute and global demand, rose 2.9% today. Mitsui OSK Lines advanced 3.29% and Kawasaki Kisen rose 5.84%.

Semi-conductor related stocks also outperformed on Tuesday. Shinetsu Chemical rose 2.6% and Silicon wafer maker Sumco surged 5.3%.

Semiconductor manufacturing machines maker Screen Holdings touched its one-year high during the session.

SoftBank rose 2.45% after news that SBG has prepared a financing package for WeWork Companies that would give it control over the shared office space company.

Stocks of Food companies ended in positive territory today. Takara Holdings rose 3.93% and NH Foods gained 2.18% on Tuesday.

On the economic front, the Japanese Industrial Production (MoM) for August released earlier today came in at -1.2%. The Production change was in line with market expectations.

On the technical front, the RSI is currently at 65.79% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.

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

 

Trade Suggestion- Limit Buy At 22230 Take Profit At 22365 Stop Loss At 22160

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