Trade Setup for Monday 11 July 2022 | Stock Market News
Trade setup for Monday– Good morning and welcome to the morning reports, the top things to know before the stock market opens today July 11, 2022
Asian markets are mostly trading in the red on Monday, tracking mixed cues from Wall Street on Friday. The sentiments are negative, as China reported elevated inflation for the month of June on Saturday. Shanghai and Hang Seng are trading lower by 1.97 percent and 1.08 percent respectively while Nikkei is trading higher by 1.55 percent.
The SGX Nifty is trading lower by 68 points or 0.42 percent at 16159 levels. The indications getting from the Asian markets are negative at this moment at 7.20 am IST. Indian markets are likely to start negative today. Nifty may open around 16150 levels.
The US and European market indexes update
The US markets closed mixed on Friday amid volatility as the job data released for the month of June was better than expected. Investors worried about an aggressive rate hike by the Fed in their July meeting, as strong job growth could influence the central bank to tight monetary policy and curb inflation.
The US market indexes, Dow Jones and S&P 500 closed lower by 0.15 percent and 0.08 percent respectively while Nasdaq closed higher by 0.12 percent on Friday.
European markets closed in the green on Friday as investors digested the latest better-than-expected US job data and political developments in London. The market indexes trimmed their early gains on Friday as Italy’s industrial production declined in May and France’s current account deficit (CAD) and trade deficit rose in May.
European stock market indexes, CAC and DAX gained 0.44 percent and 1.34 percent respectively while FTSE closed marginally higher by 0.10 percent on Friday.
Indian stock market updates
Indian stock markets trimmed some early gains but closed higher last Friday. The market breadth was quite positive with the advance-decline indicating a ratio of 2:3 at the close. The benchmark indices, Sensex and Nifty gained 0.56 percent and 0.54 percent respectively on the last day of the week. FIIs were the net sellers in the equity cash segments, they sold 109.31 crores while DIIs bought only 34.61 crores on Friday.
Top news you should read before the trade setup for Monday 11 July 2022.
On Saturday at an economic conclave, the RBI Governor Shaktikanta Das said the country’s inflation will be seen easing gradually from October onwards, and the aggressiveness of RBI monetary policy will minimize only after October 2022. The central bank has forecasted yearly inflation at 6.7 percent earlier.
According to the RBI data showed, the country’s foreign exchange reserve declined by $5 billion to $588.31 billion during the week ended July 1. This is mainly because of a decline in foreign currency assets worth $4.5 billion.
After the sharp fall in crude oil price last week, the oil price bounced back on Friday and closed nearly 3 percent higher. The Brent crude oil September futures closed above $107 per barrel on Friday. On Monday the Brent crude Sept futures are trading lower by 0.72 percent
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