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Nikkei 225 futures are currently trading at 23910-higher by 0.18% 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 rose 0.74% to close at 23,873.59 on Wednesday as the market was supported by gain in the paper & Pulp, Railway & Bus and Real Estate sectors.
The easing of fear of slowdown in china due to corona virus also supported investor’s sentiments on Wednesday.
MSCI’s the broadest index for Asia-pacific shares rose by 0.9%.
The market movers on the Nikkei 225 for the session were Softbank Group Corp., which added 11.89%, Chiyoda Corp added 9.90% while Dainippon Screen Mfg. Co. added 5.00%.
The market losers on Nikkei 225 for the session were the Japan Steel Work, Ltd. which declined 7.89%, sumitomo Osaka Cement Co. Ltd was down 4.60% and kajima Corp Ltd. was down 4.77%.
Falling stocks were greater than advancing one on the Tokyo stock exchange by 1960 to 1585 and 237 remained unchanged.
The volatility index remained for Nikkei 225 option remained unchanged to 17.97.
On the economic front, the Machine tool Orders on YoY basis data released today came in at -35.6%. The machine tool order was lower than previous year.
On the technical front, the market is trading near 23910 and can face strong resistance at 24106 levels. The slop of 26-period weekly EMA and slope of MACD histogram indicates strong market momentum in the market. On the daily chart formation of spinning top candle indicates indecision in the market and RSI indicates that market is in overbought zone and expected to move in downward direction.
Overall Bias is negative and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade suggestion – SELL @ 23900, stoploss @ 23975, target @ 23750