Trade Setup for Monday 24 July: Stock Market Today
Trade setup for Monday 24 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 market indexes are trading mixed on Monday, as investors are looking ahead to a number of economic data in the region. Malaysia and Singapore will announce their inflation reading for June while Japan will release flash PMI numbers for July.
The major Asian stock market indexes Nikkei and Kospi are trading higher by 1.20 percent and 0.34 percent respectively. Shanghai and Hang Seng are trading lower by 0.27 percent and 1.70 percent respectively. Gift Nifty is trading lower by 41 points or 0.21 percent at 19725 levels at 7.10 am IST.
The indication getting from the Asian stock market indexes is slightly negative. The Gift Nifty index is also indicating a negative opening for the Indian stock market indexes today. Nifty is likely to trade in a range while more action can be seen in Bank Nifty today.
U.S. Stock Market Indexes update
The US stock markets ended mixed on Friday. Dow Jones edged higher by 0.01 percent, gaining for the 10th straight day, its longest streak since 2017, while S&P also ended slightly higher by 0.03 percent. The tech-heavy Nasdaq erased early gains and turned negative by 0.22 percent at the close.
Investors remain cautious ahead of the big tech earnings of Alphabet, Meta, and Microsoft next week. Traders were confident that the Fed will raise its base rate by 25 basis points at next week’s meeting and bet on defensive counters like utilities and healthcare on Friday. The downside was capped in the Nasdaq index due to a rally in chip stocks after the quarterly results of Qualcomm Incorporated.
European Stock Market Indexes Updates
European stock market indexes ended mixed on Friday, as investors followed positive trends from Wall Street and digested the fresh round of quarterly earnings. The upside was limited due to the continued weakness in tech stocks and as investors looked ahead to the Spanish election during the weekend.
The majority of the sectoral indices closed in the green territory on Friday, with household goods gaining the most while mining stocks ended in the red. The pan-European Stoxx 600 gained 0.32 percent on the last day of the week. The European benchmarks CAC closed higher by 0.64 percent while DAX ended lower by 0.17 percent. The UK’s FTSE closed 0.23 percent higher on Friday.
Indian Stock Market Indexes
Indian stock market indexes fell sharply and snapped a 6-day winning streak on Friday. The market sentiments were downbeat due to weak global cues and weaker-than-expected Infosys and HUL’s first quarterly results.
Traders remain cautious ahead of the heavyweight Reliance Q1 earnings. The market breadth was almost flat as the advance decline indicating a neutral ratio at the close. FIIs were net sellers, they offloaded shares of Rs 1998.77 crore in the Indian equity cash segment while DIIs bought shares of Rs 1290.73 crore on Friday.
Quarterly Earnings (Q1FY24)
Tata Steel, HDFC Asset Management Company, Canara Bank, IDBI Bank, TVS Motor Company, PNB Housing Finance, Poonawalla Fincorp, Spandana Sphoorty Financial, Chennai Petroleum Corporation, IIFL Securities, Jammu & Kashmir Bank, JK Paper, Mahindra Logistics, Shoppers Stop, SRF, and Tamilnad Mercantile Bank and others will announce their Q1FY24 quarterly earnings on 21 July.
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Nifty and Bank Nifty Prediction for Monday 24 July 2023
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Editor’s Desk
