Trade Setup for Monday: Stock Market Today (11 Dec 2023)
Trade Setup for Monday
Trade Setup for Monday, 11 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 markets are mostly trading higher on Monday, following the positive cues from Wall Street on Friday and as investors digested China’s inflation data. Japan’s Nikkei is up by 1.73% after falling sharply in the last week, while Australia’s S&P ASX 200 index added 0.22%, extending its last week’s gain.
South Korea’s Kospi is trading flat. Shanghai is trading lower by 0.91% as its November inflation declined at the fastest pace in three years while producer prices remained in the negative territory. Hang Seng is down by 1.07%. Elsewhere, the Straits Times is trading lower, while Taiwan is up marginally at 7.15 am IST.
U.S. Stock Market Indexes Updates
U.S. Stock markets finished higher on Friday, rising for the longest winning streak since 2019 after the November job data. The market sentiments remained positive, as a slightly higher US job report for November added optimism that the US economy could avoid recession.
A separate report from the University of Michigan survey showed that consumer sentiment in December increased since August due to a fall in inflation fear.
However, the investor hope of early interest rate cuts remained largely intact, after the report from the University of Michigan survey showing inflation expectations for the next 12 months dropped to 3.1% in December from 4.5% last month.
The US stock market indexes Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.36% and 0.41% respectively, while the technology-heavy Nasdaq gained 0.45% at the close on Friday.
European Stock Market Indexes Updates
European stock markets advanced on Friday to their highest level since February 2022, gaining for the fourth straight week. The sentiments were optimistic as traders bet that the ECB finished raising interest rates and will start reducing interest rates early next year.
The data released on Friday confirmed that Germany’s consumer price index (CPI) inflation eased to its lowest level in 29 months in November. The strong US job markets also supported investor’s risk appetite on Friday.
European stock market indexes CAC and DAX gained 1.30% and 0.78% respectively, while the UK’s FTSE was up by 0.54% on Friday.
Indian Stock Market Indexes
Indian stock markets ended the volatile session with modest gains on Friday. The domestic markets opened higher following the positive global cues and erased all gains in the afternoon session after RBI policy updates.
Sensex and Nifty hit record highs at 69893.80 and 21006.10 in the morning deal, while Bank Nifty also touched a record-high level at 47303.65.
As widely expected, RBI kept the key interest rates unchanged and revised the GDP projections from 6.5% to 7% for FY2023-24. The market breadth was slightly on the negative with the advance-decline indicating a ratio of 2:3 at the close.
Foreign investors were the net buyers in the Indian equity cash segments. FIIs bought shares worth Rs 3632.30 crore while DIIs offloaded shares worth Rs 434.02 crore on Friday.
Stock Market Today
Gift Nifty is up only 3 points at the 21080 level. The cues from the US and Asian markets are positive, while the signal from the Gift Nifty is slightly positive. The Indian stock market indexes are likely to open higher and trade volatile today.
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Editor’s Desk
