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NIKKEI 225 TRACKS US MARKETS HIGHER, CAUTION ABOUT CORONAVIRUS REMAINS - Capital Street FX

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    • NIKKEI 225 TRACKS US MARKETS HIGHER, CAUTION ABOUT CORONAVIRUS REMAINS
05-Mar
18:50 IST

Nikkei 225 futures are currently trading at 21050-lower by 1.43% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the Nikkei 225 added 1.09% to close at 21,329.12 on Thursday. The broad-market index today posted its biggest one-day percentage rise in a month.

The Nikkei 225 tracked a rise in US stock markets following a strong showing by Joe Biden in Democratic primaries and better-than-expected data that lifted sentiment.

The Japanese index is also supported by gains in healthcare and industrial sectors.

US Former Vice President Joe Biden is now leading the race for the Democratic Party’s presidential nomination.

The pneumonia-causing virus has now spread to about 80 countries with infections in Japan surpassing 200 and deaths totaling six.

Takeda Pharmaceutical advanced 3.5% after the firm disclosed that it was developing a drug for the coronavirus, boosting stocks in peers.

There were 137 gainers on the index today against 79 losers.

Top gainers in the index include- Kyowa Kirin Co Ltd (surged 4.5%), Meiji Holdings Co Ltd (rose 4.2%) and Hitachi Ltd (advanced 4.2%).

Top losers in the index include- Nippon Light Metal Holdings Co Ltd (fell 2.6%), Shimizu Corp (declined 2.1%) and Hino Motors Ltd (dropped 1.9%) on Thursday.

The broader Topix added 0.88% to close at 1,515.71 on Thursday.

About 1.38 billion stocks on the Tokyo Stock Exchange’s main board were traded today. The trading volume was 1.36 billion on average in the past 30 days.

Official data released earlier today showed that Foreign Bond Investment fell by 489.70 billion yen in the week ending 29th February. Bond investments by Japanese abroad increased by 656.3 billion yen in the previous week.

On the technical front, the RSI is currently at 31.24% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 21% and suggests that the market can move in the downward direction.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Sell At 21090 Take Profit At 20950 Stop Loss At 21160

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