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NIKKEI 225 RISES ON JAPAN-U.S. TRADE OPTIMISM; INDUSTRIAL PRODUCTION DISAPPOINTS - Capital Street FX

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    • NIKKEI 225 RISES ON JAPAN-U.S. TRADE OPTIMISM; INDUSTRIAL PRODUCTION DISAPPOINTS
17-Apr
21:50 IST

Nikkei 225 futures are currently trading at 22295-higher by 0.13% 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 inched up 0.25% to close at 22,277.97 on Wednesday. It was its highest closing level since early December. The broad-market index rose today as automakers advanced on hopes of progress in the U.S.-Japan trade talks, while companies with large exposure to China rose on better-than-expected Chinese economic data.

The broader Topix gained 0.26% to close at 1,630.68 on Wednesday.

The Japanese Economy Minister said on Tuesday that no deal had been reached on individual trade issues after two days of talks with the U.S. Trade Representative. The Economy Minister, however, expresses hopes for a good result at an early stage and also said he would meet the U.S. Trade Representative again next week.

The news lifted stocks of automakers facing the threat of higher U.S. tariffs on Japanese auto exports. Toyota Motor Corp added 2.02%, Honda Motor Co rose 1.02% and Mazda Motor Corp advanced 2.5%.

Strong economic data in China sparked gains in Japanese construction-related firms with exposure to China.

Construction equipment makers Komatsu rose 1.9% and Hitachi Construction Machinery added 1.3%, while industrial machinery maker Yaskawa Electric jumped 3.3%.

Exporters rallied, with Advantest Corp jumping 5.48% and Panasonic Corp added 0.05% on Wednesday.

Among top losers, index-heavyweight SoftBank Group Corp fell 1.54% and took 20 points off the benchmark index. The stock dropped on news that the U.S. Justice Department has concerns about the structure of a proposed $26 billion merger of T-Mobile US Inc. and SoftBank’s Sprint Corp

On the data-front, the Industrial Production (MoM) for February released earlier today came in at 0.7%. The Production change was below the market expectation of 1.4%. In addition, the Capacity Utilization for February (MoM) also out today came in at 1%. The index change was above the consensus estimates of a fall of 0.4%.

On the technical front, the RSI is currently at 69.84% 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 22270 Take Profit At 22390 Stop Loss At 22210

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