Trade Setup for Friday: Stock Market Today (22 Dec 2023)
Trade Setup for Friday
Trade Setup for Friday, 22 Dec 2023: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.
Asian Stock Markets
Asian stock markets are trading higher on Friday following the rally from Wall Street overnight and as investors assessed Japan’s inflation data. Japan’s Nikkei is trading higher by 0.29% as the country’s inflation rate declined to 2.8% from 3.3% in October, the slowest pace of inflation since July 2022, investors are looking for minutes of Bank of Japan’s (BoJ’s) last meeting.
Australia’s S&P ASX 200 index is up by 0.11% trimming some intraday gains, while South Korea’s Kospi is trading higher by 0.29%. Shanghai is trading slightly negative by 0.13%, while Hang Seng is trading marginally higher by 0.57%. The Straits Times and Taiwan are also trading in the green at 7.10 am IST.
U.S. Stock Market Indexes Updates
The US stock markets closed higher on Thursday and heading for an eighth straight week of gains, as investors bought shares on the dip after a heavy selloff witnessed in the previous session. The Gross Domestic Product (GDP) growth for the third quarter was revised down to 4.9% from the earlier estimated 5.2% but it remains the fastest pace of expansion since the fourth quarter of 2021.
The number of Americans filing for the new jobless claims rose slightly by 2000 to 205,000, for the week ended 16 December. The shares of Micron Technology gained more than 8% as the chipmaker forecasted quarterly revenue above market expectations.
The US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.87% and 1.03% respectively, while the Nasdaq ended higher by 1.26% at the close.
European Stock Market Indexes Updates
European stock market indexes closed marginally lower on Thursday, despite a rally in US markets. The official data showed that the UK government borrowing excluding public sector banks declined in December compared to November but exceeded expectations.
The pan-European Stoxx 600 index closed lower by 0.21% with auto stocks falling the most, with all sectors ended in the negative territory on Thursday. The major stock market indexes in Europe, CAC, and DAX closed lower by 0.16% and 0.27% respectively, while the UK’s FTSE was down by 0.27% on Thursday.
Indian stock markets
Indian stock market indexes pared early losses and closed higher on Thursday. The domestic markets opened lower following negative global cues and erased all losses in the late morning session. It was a broad-based rally, all sectoral indices closed in the green, mid, and smallcap indexes outperformed the benchmarks.
The market breadth was strong with advance decline indicating a ratio of 5:1 at the close. Foreign investors were the net sellers, they offloaded shares worth Rs 1636.19 crore while DIIs bought shares worth Rs 1464.70 crore on Thursday.
Stock Market Today
The cues from the US and Asian markets are positive today. Gift Nifty closed 108 points higher on Thursday and is trading at 21394 levels. The indication from the global markets and Gift Nifty is positive, Indian stock markets are likely to open higher and remain positive for most of the session today.
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Editor’s Desk
