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NIKKEI 225 WOBBLES AS US DATA STOKES RECESSION FEARS - Capital Street FX

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    • NIKKEI 225 WOBBLES AS US DATA STOKES RECESSION FEARS
04-Sep
19:49 IST

Nikkei 225 futures are currently trading at 20745-higher by 1.00% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the Cash Markets, the Nikkei 225 added 0.12% to close at 20,649.14 on Wednesday. The benchmark index struggled for traction as weak U.S. economic data aroused fears of a global recession and dampened investor sentiment.

Official data released on Tuesday showed that U.S. manufacturing activity contracted for the first time in three years in the last month.

Index heavyweight Fast Retailing rose 0.87% after the company said same-store sales at its Uniqlo outlets in Japan surged about 10% in August from a year earlier.

Defensive stocks also outperformed on Tuesday. KDDI Corp gained 1.38% and Nippon Telegraph and Telephone Corp added 0.16%.

The broader Topix lost 0.26% to close at 1,506.81 on Wednesday. Cyclical sectors underperformed today with metal products, iron, and steel among worst-performing sectors on the Topix.

Domestic-demand sensitive shares ended mixed on Wednesday. Drug-maker Daiichi Sankyo rose 1.00% while Realtor Mitsui Fudosan declined 0.25%.

Review results of the Nikkei constituents are due this week.

On the economic front, Japan’s Services PMI for August released earlier today came in at 53.3. The PMI reading was below the market expectation of 53.4.

On the technical front, the RSI is currently at 52.71% 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 20710 Take Profit At 20850 Stop Loss At 20640

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