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NIKKEI 225 RISES ON WEAKER YEN AND SINO-U.S. TRADE TALKS PROGRESS - Capital Street FX

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    • NIKKEI 225 RISES ON WEAKER YEN AND SINO-U.S. TRADE TALKS PROGRESS
26-Nov
19:01 IST

Nikkei 225 futures are currently trading at 23390-lower by 0.13% 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 0.35% to close at 23,373.32 on Tuesday. The broad-market index touched its highest level (23,608.06) since 5th October 2018 during the session. The Nikkei 225 pared its gains due to some profit-taking.

The Japanese benchmark inched up today led by electronics part and semiconductor-related shares as progress in U.S.-China trade talks and a weaker yen lifted demand for export-oriented firms.

The Japanese stocks extended early gains after Chinese ministry stated that the Vice-premier held a call with his U.S. counterparts on Tuesday morning and that both sides agreed to maintain communication on remaining issues.

The three major U.S. indices end at records on Monday on the news of progress on a tariff truce between the U.S. and China.

Chip-related and electronic component firms also outperformed today, tracking their U.S. counterparts’ gain.

Tokyo Electron gained 2.73% and Advantest Corp climbed 3.63% while TDK Corp and Murata Manufacturing surged 3.65% and 4.59%, respectively.

The Yen fell against the U.S. dollar today, lifting stocks of exporters. A weak yen boosts exporters’ competitiveness in the global market as well as profits made abroad when converted into local currency.

Exporters Toshiba Corp gained 0.58%, Nissan Motor Co added 1.17% and Fanuc Corp rose 1.13%.

Hitachi Ltd advanced 0.90% today after news that the company is nearing a deal to sell its 51% stake in Hitachi Chemical Co to Showa Denko KK in a deal that could worth around $8.7 billion.

Stocks of Showa Denko KK plunged 6% to become the seventh-most traded share on the main board as the transaction amount appears to be too big for Hitachi Chemical Co.

Asahi Kasei’s stocks rose 1.73% after the company made a $1.3 billion offer to buy Denmark’s pharmaceutical company.

On the technical front, the RSI is currently at 61.51% and suggests that the market can continue trading sideways. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 35% 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 23370 Take Profit At 23510 Stop Loss At 23300

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