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NIKKEI 225 RISES ON SINO-U.S. TRADE HOPES; PMI DISAPPOINTS - Capital Street FX

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    • NIKKEI 225 RISES ON SINO-U.S. TRADE HOPES; PMI DISAPPOINTS
06-Nov
19:11 IST

Nikkei 225 futures are currently trading at 23,323-lower by 0.04% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the Cash Markets, the Nikkei 225 added 0.22% to close at 23,303.82 on Wednesday. It was its highest closing level since 10th October 2018.

The broad-market index also inched up to a fresh 13-month high today. The Nikkei 225 rose as hopes for a Sino-U.S. trade deal and rising bond yields lifted financials and exporters.

The best performers on the benchmark index Nikkei 225 were Nichirei Corp., Oji holdings Corp., and Maruha Nichiro while Asahi Group Holdings Ltd. and Yahoo Japan Corp. were the worst performers on Wednesday.

Nichirei Corp. rose 6.54% due to improved economic data coming from the U.S and progress made on the U.S-China trade deal.

On the other hand, Asahi Group Holding Ltd. lost 6.06% due to the weak earnings report for the 3rd quarter. The firm also lowered its outlook for the fourth quarter.

Nikkei volatility which gauges the volatility of Nikkei 225 options remained unchanged to 14.67 on Wednesday.

On the data front, the Japanese Services PMI for the October month was released earlier today. The index reading has fallen to 49.7 from 52.8 in the previous month. The index reading was also below the consensus estimates of 50.3.

Japanese household spending for the September month is scheduled to be released on Thursday at 18:30 pm ET. The index reading is expected to rise by 3.8% on a month-on-month basis.

On the technical front, the market has hit its 13-month high today which indicates that the market is in a strong uptrend. On the daily chart, the MACD indicates an increase in bullish momentum which suggests that the market is expected to trade on the positive side. The market is trading above 5 and 13-day EMA.

Overall bias is Positive and short-term trades can be initiated with the below-mentioned stop loss and profit target.

 

Trade suggestion- buy@ 23300, stop loss@ 23240, target@ 23420

 

 

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