Trade Setup for Monday 14 Aug: Stock Market Today

August 14, 2023 admin

Trade setup for Monday 14 Aug 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

Asian Stock Markets

Asian stock market indexes are trading lower on Monday following negative cues from Wall Street on Friday and crucial economic data from the region this week. Japan’s Q2 GDP number, China’s Industrial Production, Retail Sales, and House Prices are due on Tuesday.

Nikkei resumed trading after a long weekend and trading lower by 0.62 percent while Kospi is also trading lower by 0.60 percent. Shanghai and Hang Seng indexes are trading in the deep red, down by 1.09 percent and 2.24 percent respectively at 7.05 am IST.

Gift Nifty is trading in the red, down by 32 points or 0.17 percent at 19447 levels. The indication getting from the Asian markets is negative today. Indian stock market indexes are likely to open lower and remain under selling pressure throughout the day.

U.S. Stock Market Indexes Update

The US stock market indexes ended mixed on Friday. Dow Jones closed higher while S&P 500 and Nasdaq ended in the red. The sentiments were dented after the fresh data showed that US Producer Price Index (PPI) rose an edge higher than expected. The renewed inflation fear pushed Treasury yields higher and raised the concerns about Fed’s monetary policy tightening.

The report from the University of Michigan showed that the consumer sentiment reading came edge lower than the previous month, but better than expected. The US stock market index, Dow Jones gained 0.30 percent, while S&P 500 and Nasdaq ended lower by 0.11 percent and 0.68 percent respectively.

European Stock Market Indexes Updates

European stock markets closed in the red on Friday, as investors digested a new set of quarterly earnings and US Producer Price inflation data. All sectoral indices ended in the red, with Tech, Auto, and Minning sectors falling the most. UBS’s share price gained over 4% on Friday, as it ended a 9 billion Swiss francs ($10.27 billion) loss protection agreement.

On the economic front, the UK GDP growth expanded by 0.2% in the second quarter, and growth picked up from 0.1% in the first quarter. The Core inflation in France fell to 5% in July from 5.7% in June.

The pan-European Stoxx 600 index closed lower by 1.09 percent. The major European indexes CAC and DAX closed lower by 1.24 percent and 1.04 percent respectively, while UK’s FTSE was down by 1.26 percent on Friday.

Indian Stock Market Indexes

Indian stock markets closed lower for the second consecutive day on Friday amid weak global cues. The banking index dragged the benchmarks after Thursday’s RBI monetary policy outcome. Some cautiousness was there ahead of the Industrial Production released on Friday and Inflation data due on Monday.

The market breadth was negative with the advance decline indicating a ratio of 3:4 at the close. FIIs were the net sellers, they sold shares worth Rs 3073.28 crore, while DIIs were the buyers they bought shares of Rs 500.35 crore on Friday.

Quarterly Earnings (Q1FY24)

ITC, Divis Laboratories, Vodafone Idea, Ahluwalia Contracts, Aarey Drugs & Pharmaceuticals, Aster DM Healthcare, Astrazeneca Pharma, Bajaj Healthcare, KNR Constructions, Easy Trip Planners, GMR Airports Infrastructure, Heranba Industries, Hindustan Copper, Indiabulls Housing Finance, Jagran Prakashan, Lux Industries, Meghmani Organics, PC Jeweller, Senco Gold, Swan Energy, Vivimed Labs, Wockhardt, and Zuari Industries,and others will announce their Q1FY24 quarterly earnings on Aug 14.

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News you should read before the trade setup for today 14 Aug 2023

On Friday, the official data showed that India’s industrial production dropped to 3.7 percent in June, down from 5.3 percent in June 2023. The Index of Industrial Production (IIP) had risen to 12.6 percent in June 2022.

Separately, data showed on Friday, that the Indian government has collected Rs 6.53 lakh crore as gross direct tax in the current financial year up to August 10, showing a growth of 15.7 percent year-on-year.

The direct tax collection, net of refunds, till August 10 stood at Rs 5.84 lakh crore, 17.33 percent higher than the net collections in the same period in the previous year and 32.03 percent of the total Budget Estimates.

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Nifty and Bank Nifty Prediction for Monday 14 Aug 2023

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