Trade Setup for Monday 17 July: Stock Market Today
Trade setup for Monday 17 July 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 markets are mostly trading lower on Monday ahead of the key economic data to be released in the region. The Shanghai index is trading lower by 1.04 percent, as investors are awaiting second-quarter GDP and industrial output data for June later in the day. Kospi is trading slightly lower by 0.07 percent ahead of the release of the June trade data. Nikkei is not trading today due to a holiday while Hang Seng may open delayed today due to Typhoon warning.
Gift Nifty is trading slightly higher by 20 points or 0.10 percent at 19639 levels at 7.05 am IST. The indication getting from the Asian markets is slightly negative today. Indian stock market indexes are likely to open positive and trade in a range-bound session.
U.S. Stock Market Indexes update
The US stock market indexes ended mixed on Friday, Dow Jones gained as earnings season kicked off for the second quarter. The pharma and consumer stocks gained after some upbeat quarterly earnings reports on Friday. The big banks announced mixed quarterly results on Friday. On the economic front, Michigan’s survey showed that the current consumer sentiment rose above expectations to 72.6, its highest level in nearly two years.
The S&P 500 index closed marginally lower by 0.10 percent on Friday, as banks and financials stocks ended mostly lower after the announcement of mixed results. Dow Jones was up by 0.33 percent while Nasdaq fell 0.18 percent on Friday.
European Stock Market Indexes Updates
The European stock market indexes ended marginally lower on Friday. The latest trade data showed that the Eurozone’s trade deficit was negligible in May, as exports of chemicals and machinery picked up imported energy products fell.
On the quarterly result front, the share price of Nokia fell around 9% as the company cuts its annual outlook, while the Swedish firm Lifco fell 6% after half-year results. Asset manager Ashmore plunged 8% after the company reported a $1.8bn decrease in assets under management for the June-end quarter.
The pan-European Stoxx 600 index was down by 0.11 percent on Friday. France’s CAC ended slightly higher by 0.06 percent while Germany’s DAX and UK’s FTSE ended lower by 0.22 percent and 0.08 percent respectively.
Indian Stock Market Indexes
Indian stock markets closed at a new high on Friday. The domestic market indexes traded above their flat lines amid positive global cues. Sensex and Nifty hit a fresh new high in the last trade on Friday at 66159.79 and 19595.35 respectively.
The IT sector gained the most, was up around 4.5% on Friday. The market breadth was quite strong with advance decline indicating a 3:1 ratio at the close. FIIs were the net buyers, they bought shares worth Rs 2636.43 crore while DIIs offloaded Rs 772.45 crore on the last trading session of the week.
Quarterly Earnings (Q1FY24)
HDFC Bank, LTIMindtree, Tata Elxsi, Tinplate Company of India, Central Bank of India, Huhtamaki India, Onward Technologies, CRISIL, Hathway Cable & Datacom, Seacoast Shipping Services, and Tarapur Transformers will announce their Q1FY24 quarterly earnings on 17 July.
Note:-With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy for Free. Click here to Open Free Trading and Demat Account and get Life Time Demat AMC Free with Flat Rs 20 Brokerages
If you like the “Trade Setup for Monday 17 July: Stock Market Today” please share it with others.
You may also like to read, Gift Nifty: The Rebranded SGX Nifty Starts Trading July 3rd
Nifty and Bank Nifty Prediction for Monday 17 July 2023
Happy Investing!!
Editor’s Desk
