Trade Setup for Friday: Stock Market Today (29 Dec 2023)

December 29, 2023 admin

Trade Setup for Friday

Trade Setup for Friday, 29 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 market indexes are trading in mixed fashion on Friday, the last trading session of the year 2023. Japan’s Nikkei trades lower by 0.21%, but the index gained above 28% so far in 2023, making it the top-performing index in the region. Australia’s S&P ASX 200 is also down 0.22%, as investors preferred to book some profit after two consecutive days of gain.

South Korea Kospi is not trading today due to a holiday the index gained 18.7% in 2023. Shanghai index is trading slightly higher by 0.18%, as investors are assessing the prospects of electric vehicle companies after China’s Xiaomi unveiled its first EV. Hang Seng is hovering near its flatline, after a rally in the previous session. The Straits Times trades higher while Taiwan is down, just below its flat line at 7.10 am IST.

U.S. Stock Market Indexes Updates

The US stock market indexes closed on a mixed note on Thursday, while the S&P 500 index continued to hover near its all-time high. The 10-year Treasury yield climbed to 3.842% from 3.797% settled on Wednesday. The economic data showed that Americans filing for the first time for unemployment benefits accelerated in the week ended 23 December. According to the Labor Department, the initial jobless claims rose by 12000 to 218000 last week, while the expectation was 210000.

Separately, the US pending home sales fell in November, as all four US regions registered an annual decline in transactions. The wholesale inventories also fell by 0.2% month-on-month in November. Meanwhile, the US trade deficit in goods widened to $90.3bn in November, up from a revised reading of $89.6bn in the previous month.

The Dow Jones Industrial Average (DJIA) and S&P 500 index closed higher by 0.14% and 0.04% respectively, while the Nasdaq Composite index ended edged lower by 0.03% on Thursday.

European Stock Market Indexes Updates

European stock market indexes closed slightly below their flatline on Thursday as the optimism about the hope of an interest rate cut in 2024 faded away. The sentiments were slightly subdued as European Central Bank officials said there was “no guarantee” of an interest rate cut in 2024.

The market volume was thin, it was a quiet period between Christmas and New Year, as most traders were on holiday break. The pan-European Stoxx 600 index closed lower by 0.09% with healthcare gaining the most while banking shares slipped.

The major European stock market indexes, CAC and DAX closed slightly lower by 0.14% and 0.07% respectively, while the UK’s FTSE was down by 0.03% on Thursday.

Indian stock markets

Indian stock market indexes ended higher for the fifth consecutive session on Thursday. The local markets opened higher following positive global cues and traded volatile ahead of the December F&O expiry. The market sentiments were upbeat due to the ease of the Red Sea issue and FIIs back after selling for the sixth consecutive session in the Indian markets.

The market breadth was almost flat with the advance decline indicating a flat ratio at the close. Foreign Institutional Investors (FII) and DII were buyers in the Indian equity cash segments on Thursday. FIIs bought shares worth Rs 4358.99 crore while DIIs purchased shares worth Rs 136.64 crore on Thursday.

Stock Market Today

The cues from the US and Asian markets are mixed. Gift Nifty is trading flat at 21948 levels on Friday. The indication from the Gift Nifty is slightly positive. Indian stock markets are likely to open higher and will trade in a range-bound session on Friday.

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