Australia’s stock market fell more than one percent on Tuesday, its biggest drop in five months. ASX 200 fell 60.6 points to close at 6284.4 on Tuesday with most sectors in red. The energy sector was down 1.79%, materials was lower by 1.26% and the heavily weighted financials subindex fell 1.33%. Major banking and mining stocks were also down.

Minutes from the RBA’s August policy meeting were released earlier on Tuesday. The central bank stated that “since progress on unemployment and inflation was set to be gradual, there was no strong case to adjust the monetary policy in the near term”. Earlier this month, RBA left the cash rate unchanged at 1.5% and stated that business conditions in the economy remained positive while non-mining business investment was increasing. But the bank cautioned against uncertainty in the outlook for household consumption amid high debt levels.

Australian Prime Minister Malcolm Turnbull survived a leadership challenge by Home Affairs Minister Peter Dutton on Tuesday, but the narrow margin of his win did little to dampen speculation about his future. His position remains in jeopardy despite surviving Dutton’s challenge, stoking expectations of further political instability in a country that has seen six different leaders since 2009.

In company news, global mining giant BHP announced earnings for the year ended Jun. 30. The miner said its underlying profit rose 33 percent from $6.73 billion to $8.93 billion for the fiscal year but that number still missed the market estimates of $9.27 billion. BHP Billton stock fell about 2.3% for the day.

On the technical front, the RSI is currently at 54.24% and suggests that the market can continue trading sideways. The %K has crossed the %D from above to the downside at 81.40% and suggests that the market may head downwards. The price is below the MA5 .So, overall the market setup seems to be mixed to negative.

Trade Suggestion-Limit Sell At: 6273, Take Profit At: 6233 Stop Loss At: 6293

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