Trade Setup for Friday: Stock Market Predictions Today (10 Nov 2023)

 

Trade Setup for Friday

 

Trade Setup for Friday, 10 Nov 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 lower on Friday tracking the negative cues from Wall Street overnight. Japan’s Nikkei is trading lower by 0.89% after closing 1.5% higher in the previous session. Australia’s S&P ASX 200 index is down 0.57%.

South Korea’s Kospi is also trading lower by 0.95%. The Shanghai index opened in the red and is down 0.54% after it closed flat note on Thursday. Hang Seng also opened negative and trading lower by 1.67%. Elsewhere, the Straits Times and Taiwan are also trading below their neutral lines at 7.10 a.m. IST

 

U.S. Stock Market Indexes Updates

 

US stock market indexes ended lower on Thursday as Treasury yield surged after Fed Chair Powell’s speech. The 10-year Treasury yield climbed to 4.662% from Wednesday’s closing 4.506%. Jerome Powell in his speech said the US central will continue to move carefully but won’t hesitate to tighten policy further if required to set the inflation below 2% target.

The share price of Tesla Inc., down more than 5%, led to a move lower in consumer stocks after HSBC issued a sell rating and reduced the price target. Walt Disney gained more than 6% as the company reported better-than-expected profit and expanded its cost-cutting plan.

The jobless claims data showed slightly below expected, with 217,000 filings last week, a decline of 3000 from the previous week, and the forecast was 220,000. The major US stock market indexes, the Dow Jones Industrial Average and S&P 500 index were down by 0.65% and 0.81% respectively, while the Nasdaq closed lower by 0.94% at the close.

 

European Stock Market Indexes Updates

 

European stock market indexes pared intraday losses and closed higher on Thursday. The market sentiments improved on the back of robust corporate earnings. Earnings remained focused throughout the day, among big names to report before the bell on Thursday were AstraZeneca, Deutsche Telekom, Hamlel, ArcelorMittal, and Wienerberger.

The pan-European Stoxx 600 index gained 0.8% with Industrial stocks gaining the most while travel and leisure stocks fell. The European stock market indexes, CAC and DAX gained 1.13% and 0.81% respectively, while the UK’s FTSE was by 0.73% on Thursday

 

Indian Stock Market Indexes

 

Indian stock market indexes closed marginally lower on Thursday. The domestic markets traded volatile in a tight range on the Nifty weekly options expiry day. The Asian market sentiments were negative China’s inflation dropped more than expected and concerns about property markets after Country Garden fell more than 7%.

The market breadth was almost flat, with an advance-decline indicating an equal ratio at the close. FIIs were the net sellers, they offloaded shares worth Rs 1712.33 crore shares, while DIIs were the net buyers, they bought shares of Rs 1512.14 crore.

 

Today’s Quarterly Earnings

 

Oil and Natural Gas Corporation, Mahindra & Mahindra, Coal India, Hindalco Industries, Eicher Motors, Life Insurance Corporation of India, Biocon, Rashtriya Chemicals & Fertilizers, Steel Authority of India, Sun TV Network, Tata Chemicals Blue Jet Healthcare, Edelweiss Financial Services, Glenmark Pharmaceuticals, Hindustan Aeronautics, Hindustan Copper, Ipca Laboratories, and  Jupiter Life Line Hospitals, will release their second quarterly earnings on November 10.

 

Stock Market Prediction Today

 

Gift Nifty, the new name of SGX Nifty is trading lower by 40 points or 0.21% at the 19382 level. The cues from the US and Asian markets are negative today. Indian stock market indexes are likely to open lower and trade negatively.

 

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Happy Investing!!

Editor’s Desk