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NIKKEI 225 RISES AS MORE NATIONS LOOK TO EASE LOCKDOWNS -

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    • NIKKEI 225 RISES AS MORE NATIONS LOOK TO EASE LOCKDOWNS
11-May
22:59 IST

Nikkei 225 futures are currently trading at 20540-higher by 2.01% 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 1.05% to close at 20,390.66 on Monday. It was its highest closing level since 6th March.

The index gained today as more nations prepare to reopen businesses from virus-related lockdown and on positive cues from US markets.

The broader Topix rose 1.53% to close at 1,480.62. It was its highest closing level in two months. All except five of the thirty-three sub-indices on the Tokyo Stock Exchange closed higher today.

Highly cyclical air transport and iron & steel were the top-performing sectors on Monday. Index component ANA Holdings soared more than 10% today.

Japan extended a nationwide state of emergency until the end of this month last week.

Major US indices rose on Friday after data showed the country lost fewer jobs than expected in April.

Sumco Corp gained about 6% despite the company posting a 41.2% fall in operating profit for the January-March period.

Other top gainers in the index include- Alps Alpine Co Ltd (surged 12.6%), Nippon Sheet Glass Co Ltd (rose 10.1%) and Isuzu Motors Ltd (advanced 10.0%).

Top losers in the index include- M3 Inc. (fell 6.0%), Shionogi & Co Ltd (declined 5.4%) and Nomura Holdings (dropped 3.9) on Monday.

On the technical front, the RSI is currently at 63.43% 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 39% 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 20500 Take Profit At 20800 Stop Loss At 20350

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