Trade Setup for Friday: Stock Market Prediction Today (5 Jan 2024)
Trade Setup for Friday
Trade Setup for Friday, 5 Jan 2024: 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 mostly trading in the green on Friday, as investors are looking ahead to more economic data in the region. Japan’s Nikkei is trading higher by 0.42%, while Australia’s S&P ASX 200 index trimmed some early gains and is trading slightly higher by 0.07%
South Korea’s Kospi index is trading flat to the negative at this moment after a sharp selloff in the previous two sessions. Shanghai index is trading marginally higher by 0.08% while Hang Seng is down by 0.29%. The Straits Times and Taiwan are trading in the green at 7.10 am IST.
U.S. Stock Market Indexes Updates
US stock market indexes closed mixed on Thursday, the S&P 500 and Nasdaq Composite extended their losing streak in 2024, while Dow Jones ended just above its flat line. Dow Jones ended in the green as financial stocks were the gainers ahead of the next week’s quarterly earnings. Meanwhile, the S&P 500 and Nasdaq continued to decline due to profit-taking in tech stocks. The 10-year Treasury yields climbed to 3.999% after hitting 4.005% on Thursday, due to strong job data.
On Thursday, the ADP National Employment data showed that U.S. private employers added more jobs than expected in December, indicating a labor market strength. However, the weekly Jobless claim report showed more Americans filed for state unemployment claims than expected. Investors will be looking ahead to the monthly US official unemployment data on Friday for further confirmation on resilience in the job market.
The Dow Jones Industrial Average (DJIA) index closed slightly higher by 0.03%, while the S&P 500 and Nasdaq Composite Index declined 0.34% and 0.56% respectively on Thursday.
European Stock Market Indexes Updates
European stock market indexes closed higher on Thursday after two consecutive negative sessions in 2024. On the economic front, business activity in the eurozone continued to contract in December. The Eurozone composite PMI data was revised upwards to 47.6 from an earlier estimate of 47in December. Meanwhile, the services PMI came a tick higher to 48.8 from November’s 48.7, a five-month high but remains in contraction.
French inflation reading came slightly higher at 3.7% YoY in December from 3.5% in November, due to an increase in energy and services. Britain’s JD Sports Fashion fell 23% after the company said last year’s sales were slightly below the forecast, while the UK’s closing and homewares retailer Next rose to a record high after lifting its full-year profit outlook for a fifth time.
The pan-European Stoxx 600 index closed higher by 0.69% on Thursday. European stock market indexes, CAC, and DAX gained 0.52% and 0.47% respectively, while the UK’s FTSE was up by 0.53%.
Indian stock markets
Indian stock market indexes ended with significant gains on Thursday, snapping a two-day losing streak. The domestic markets opened higher despite negative from Wall Street and Asian markets. Sensex and Nifty extended their early gains as the session progressed. All sectoral indices participated in the rally on Thursday, broader markets outperformed the benchmarks.
The market breadth was strong with the advance decline indicating a 5:2 ratio at the close. FIIs were the net buyers in the Indian equity cash segments, while DIIs were the net sellers. FIIs bought shares worth Rs 1513.41 crore, while DIIs sold shares worth Rs 1387.36 crore on Thursday.
Stock Market Today
The global market cues are mixed today. Gift Nifty closed slightly lower by 12 points on Thursday and is trading marginally higher by 15 points at the 21773 level. The indication from the global markets and Gift Nifty is slightly positive, Indian stock market indexes are likely to open in the green territory and will trade volatile. Traders should remain cautious, as India’s Services PMI data is expected at 10.30 am today.
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 a lifetime Demat AMC Free with Flat Rs 20 Brokerages.
If you like the “Trade Setup for Friday; Stock Market Today (5 January 2024 )” please share it with others.
You may also like to read – Stock Market Prediction Next Week (1- 5 Jan 2024)
Nifty and Bank Nifty Prediction for Tomorrow, 5 January 2024
Happy Investing!!
Editor’s Desk
