NIKKEI225 LOOKS BULLISH AMID EARNINGS AND BOJ ANNOUNCEMENT
Nikkei 225 inched up 0.04% to close at 22553.72 on Tuesday. The broader Topix fell 0.84 percent to 1,753.29 as bank shares fell after the BOJ’s announcement. Fast Retailing, which has about 8 percent weightage in the Nikkei225 and had been sold off on expectations of a BOJ shift over the past week, rose 2.1 percent today. Tokyo electron rose 0.63% while Sumco fell by 0.71% today. Shipping and mining sector stocks on Nikkei gained while Utility sector stocks fell for the day. The Yen was also trading weak against the Pound and the US dollar.
On the technical front, the RSI is currently at 53.62% and suggests that the market can move in the upward direction. The %K has crossed % D from above to the downside at 68.90 and this suggests that the market may move downwards. The MACD indicator has also generated an initial Selling signal as the fast line is below the slow line and while both are above zero. The current Market price is above the middle line and the lower band of the Bollinger bands.
Trade Suggestion- Buy At: 22550, Take Profit At: 22650, Stop Loss At: 22500