Trade Setup for Friday 26 May: Stock Market Today

 

Trade setup for Friday 26 May 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

Asian stock markets are mostly trading higher on Friday following a tech rally from Wall Street overnight. Japan’s Nikkei is trading higher by 0.68 percent as Tokyo’s headline inflation rose at a slower pace in May as compared to April. The Shanghai index is trading lower by 0.39 percent while Kospi is trading higher by 0.10 percent at 7.10 am IST. Hang Seng is not trading today due to a holiday.

SGX Nifty is trading lower by 56 points or 0.30 percent at 18410 levels. The indication getting from the Asian market is positive. Indian stock market indexes are likely to open higher and will trade above their flatlines today.

 

U.S. Stock Market Indexes update

 

The US stock market indexes mostly closed higher on Thursday due to a rally in tech stocks. S&P 500 and Nasdaq ended higher by 0.88 percent and 1.71 percent respectively as the share price of Nvidia surged 25 percent after reporting solid quarterly earnings. While Dow closed marginally lower by 0.11 percent due to a slump in Energy stocks and chipmaker intel.

The traditional chipmaker Intel failed to join the rally and declined by around 5 percent on Thursday. The Energy stocks were down as oil prices fell sharply after the news of no OPEC+ production cut.

On the economic, front, the better-than-expected GDP growth rate in the first quarter and fewer-than-expected weekly jobless claims pointed to a stronger economy and somewhat dented the expectation of a pause in interest rate hikes.

 

European Stock Market Indexes Updates

 

European stock market indexes ended lower on Thursday as the slow progress of the US debt ceiling talks continues to weigh on the market sentiments. The fresh data from the German statistics office showed a downward revision in GDP from zero to -0.3% in Q1 of 2023, this follows a drop of 0.5% in the Dec 2022 end quarter, sending Europe’s biggest economy into a technical recession.

However, the downside was limited as tech stocks rallied in the last hour after US tech company Nvidia’s bumper results, which gave IT-related stocks a boost in Europe. Dutch chip machine maker ASML gained around 5% after the news. Other sectors ended in the red in Europe, Oil & Gas fell around 2 % on Thursday.

The pan-European Stoxx 600 index closed lower by 0.24 percent. The key European stock market indexes, CAC and DAX declined 0.33 percent and 0.31 percent respectively, while FTSE was down by 0.74 percent on Thursday.

 

Indian Stock Market Indexes

 

Indian stock markets pared intraday losses and closed slightly higher on Thursday amid volatility. The market sentiments were subdued due to weak global cues, as investors fear the repercussion of a US default if the debt ceiling negotiation talks fail. The volatility in the markets was also due to the monthly F&O expiry.

The market breadth was slightly on the positive side with the advance decline indicating a ratio of 4:3 at the close. FIIs and DIIs were the net buyers in the Indian equity markets. FIIs bought shares worth Rs 589.10 crore while DIIs purchased Rs 338.44 crore on Thursday.

 

Q4 Results Today

 

Oil and Natural Gas Corporation, Mahindra & Mahindra, Sun Pharmaceutical Industries, Grasim Industries, Engineers India, City Union Bank, Easy Trip Planners, Edelweiss Financial Services, Finolex Cables, HUDCO, Indigo Paints, Inox Wind, Karnataka Bank, MOIL, Samvardhana Motherson International, Info Edge (India), NCC, PNC Infratech, Astra Microwave Products, Avalon Technologies, BEML, BHEL, BL Kashyap and Sons, Chambal Fertilisers & Chemicals, Shree Renuka Sugars, Sunteck Realty, and Wockhardt will announce their quarterly earnings on 26 May 2023

 

Note:- With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy for Free. Click here to Open Free Trading and Demat Account and get Life Time Demat AMC Free with Flat Rs 20 Brokerage

 

If you like the post “Trade Setup for Friday 26 May: Stock Market Today” please share it with others

 

You may also like to read,  Stock Market Prediction Next Week (22- 26 May 2023)

                                          Nifty and Bank Nifty Prediction for Tomorrow 26 May 2023

 

Happy Investing!!

Editor’s Desk