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Nikkei 225 futures are currently trading at 22708-lower by 0.37% 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 0.34% to close at 22,625.38 on Wednesday. It was its highest closing level since October 2018.
The benchmark index inched up today due to gains for the pharma sector, although weak chip-related shares limited gains after disappointing results from Texas Instruments.
The broader Topix advanced 0.59% to close at 1,638.14 on Wednesday. It was its highest finish in ten-and- half months.
Tokyo-listed semiconductor-related stocks underperformed today with Tokyo Electron falling 4.11%, as Texas Instruments plunged about 10% in after-hours trading overnight. Stocks of Texas Instruments slumped after it forecasted current-quarter revenue below the market expectation.
Index-heavyweight Softbank Group fell 2.51% as the company agreed to spend $10 billion to take over U.S. commercial real estate company WeWork on Tuesday.
Index-component Eisai surged to its daily-limit high today after its partner Biogen revived plans to seek U.S. approval for Alzheimer’s treatment aducanumab.
The pharmaceutical sector rose 2.4% supported by Eisai’s gains.
Sumitomo Chemical fell 3.2% after it lowered its operating profit forecast for the year through March by 1.5%.
Shippers, sensitive to developments in the Sino-U.S. trade dispute and global demand, outperformed today. Mitsui OSK Lines advanced 3.06% and Kawasaki Kisen rose 4.16%.
Stocks of Food companies ended in positive territory today. Takara Holdings inched up 0.19% and NH Foods gained 0.96% on Wednesday.
On the technical front, the RSI is currently at 68.58% 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 22680 Take Profit At 22810 Stop Loss At 22615