Trade Setup for Monday: Stock Market Today (1 Jan 2024)

 

Trade Setup for Monday

 

Trade Setup for Monday, 1 Jan 2024: Good morning, and we wish you all a Happy New Year 2024. Welcome to the morning reports, the top things to know ahead of market opening, and Trade setup today.

 

Asian Stock Markets

 

The major Asian stock market indexes are closed today due to the New Year Celebration. The Asian markets ended mostly in the green in the last trading session of 2023 with Shanghai and Hang Seng ending in positive territory, while Nikkei fell on Friday.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed slightly lower on Friday but ended the week and the year positively. The US equity benchmarks closed higher for the ninth week in a row. The S&P 500 index gained 24% in 2023, just short of a fresh all-time high, while Dow Jones and Nasdaq Composite gained 14% and 43% respectively in 2023. 

The market sentiments continued to remain positive as investors are in the hope of a potential interest rate cut by the Federal Reserve in early 2024. Due to the New Year holiday, the US markets will remain closed on Monday.

The Dow Jones Industrial Average (DJIA) and S&P 500 index ended lower by 0.10% and 0.24%, respectively while Nasdaq Composite was down by 0.45% on Friday.

 

European Stock Market Indexes Updates

 

European stock markets closed slightly higher on Friday, the last trading session of 2023. The sentiments were positive due to the optimism of interest rate cuts in early 2024. On the economic front, UK house prices fell higher than expected in December, while Spain’s inflation rate dropped more than expected in December due to a fall in fuel and food prices.

The pan-European Stoxx 600 index ended slightly higher by 0.20%. The major European stock market indexes CAC and DAX gained 0.11% and 0.30%, respectively, while the UK’s FTSE was up by 0.14% on Friday. The European stock markets will be shut on Monday on account of the New Year holiday.

 

Indian stock markets

 

The Indian stock market indexes closed with minor losses on Friday, the last trading session of the year 2023. The domestic markets opened lower following mixed global cues and snapped a five-day winning streak. Profit booking in heavyweight stocks like SBI, Infosys, and Reliance dragged down the equity benchmarks however, broader markets closed higher on Friday. 

The market breadth was slightly positive, with the advance-decline indicating a ratio of 3:2 at the close. FIIs and DIIs both were net buyers in the equity cash segments. FIIs bought shares worth Rs 1459.12 crore, while DIIs purchased Rs 554.39 crore on Friday.

 

Stock Market Today

 

The cues from the US markets are slightly negative and Asian markets are mostly closed today. Gift Nifty is trading lower by 58 points at 21776 levels. The indication from Gift Nifty is negative, Indian stock market indexes are likely to open in the red and trade sideways.

 

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                                            Nifty and Bank Nifty Prediction for Monday, 1 January 2024

 

Happy Investing!!

Editor’s Desk