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22:32 IST

Nikkei 225 futures are currently trading at 23035-lower by 0.83% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the Cash Markets, the Nikkei 225 added 1.37% to close at 23,178.10 on Monday. It was its best closing level since 21st February.

The index rose today after a surprise rise in US employment gave traders further confidence of a rapid economic recovery from the virus-triggered slump.

Major US indices closed in positive territory on Friday after the jobs report showed the world’s largest economy added 2.5 million jobs in May, providing evidence that it was on track for a rapid recovery.

The dollar was traded around 109.85 Yen on Friday. This represents a two and a half-month high for the currency pair. A weaker JPY raised hopes of brighter earnings for Japanese exporters. The weaker yen boosts the value of exporter profits made abroad when repatriated (in local currency).

Exporters that gained on Monday were Nissan (soared 7.83%), Subaru Corp (surged 2.55%), and Kyocera Corp (advanced 1.29%).

Longer-term US Treasury yields rose on Friday, providing a tailwind for Tokyo-listed financial shares. Mitsubishi UFJ Financial gained 4.5% and Dai-ichi Life Holdings rose 6.5%.

The broader Topix added 1.13% to close at 1,630.72. It was its best closing level since 21st February.

Other top gainers in the index include- Credit Saison Co Ltd (surged 7.7%), Alps Alpine Co Ltd (rose 9.2%), and Hino Motors Ltd (advanced 6.3%).

On the other hand, top losers in the index include- Secom Co Ltd (fell 2.8%), Yamato Holdings Co Ltd (declined 2.7%), and Terumo Corp (dropped 2.72%) on Monday.

On the data front, the final estimate of Japanese GDP for the first quarter was released on Monday. The QoQ rate of change in the GDP was -0.6%. The GDP growth was below the market expectation of a fall of 0.5%.

On the technical front, the RSI is currently at 77.8% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle band of the Bollinger Bands but is heading downwards.

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


Trade Suggestion-Limit Sell At 23070 Take Profit At 22800 Stop Loss At 23210

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