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NIKKEI 225 RISES AS CORONAVIRUS CASES SLOW IN JAPAN -

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    • NIKKEI 225 RISES AS CORONAVIRUS CASES SLOW IN JAPAN
18-May
23:11 IST

Nikkei 225 futures are currently trading at 20600-higher by 2.92% 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 rose 0.48% to close at 20,133.73 on Monday. The index gained today as signs of a slowdown in virus infections increased optimism that the government would soon ease coronavirus-related restrictions.

The daily number of pneumonia-causing virus cases in Tokyo fell to five on the previous day. It was lowest since Tokyo was placed under a state of emergency.

Japan lifted a state of emergency in large parts of the country in the last week.

Stocks of electric component makers and chip-related companies underperformed today due to rising Sino-US trade tensions.

The US government last week moved to block global chip supplies to blacklisted Chinese company Huawei Technologies.

The market sentiment, however, got dampened after the Philadelphia semiconductor index fell more than 2% on Friday. (15th May).

The broader Topix added 0.38% to close at 1,459.29. Two-third of the thirty-three sub-indices on the Tokyo Stock Exchange closed higher today.

Mining and Information & Communication were the top-performing sub-indices on the main bourse today.

On the data front, the preliminary estimate of Japanese GDP for the first quarter was released on Monday. The QoQ rate of change in the GDP was -0.9%. The GDP growth was a better-than-the market expectation of a fall of 1.2%.

On the technical front, the RSI is currently at 62.92% 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 66% 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 20570 Take Profit At 20870 Stop Loss At 20420

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