Trade Setup for Thursday 17 Aug: Stock Market Today

 

Trade setup for Thursday 17 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 Thursday following the negative cues from Wall Street overnight. Nikkei is trading lower by 1.47 percent, as Japan’s trade balance slip into a deficit in July as compared to a surplus in June.

South Korea’s Kospi extended its previous session losses, down by 1.38 percent. Shanghai and Hang Seng are also trading lower by 0.63 percent and 2.38 percent respectively at 7.05 am IST.

Gift Nifty is trading lower by 21 points or 0.11 percent at 19390 levels. The indication getting from Asian markets is negative. Indian stock market indexes are likely to open lower and will trade volatile today.

 

U.S. Stock Market Indexes Update

 

The US stock markets closed lower for the second consecutive day due to a spike in Treasury yields after the release of the Federal Reserve’s minutes of the last policy meetings. According to the minutes, Fed signaled another hike is on the card to tackle high inflation. The minutes also revealed that Fed officials are no longer expecting a mild recession later this year.

The hawkish tone has pushed Treasury yields to a fresh October high, the yields on the 10- year old Treasury note closed at 4.256% higher from 4.218% at Tuesday’s close. Tech stocks fell the most, as chip stocks like Intel, COHR, and AMD fell sharply on Wednesday. 

On the economic front, Housing Starts rose in July and the Industrial production data came better than expected in July due to the rise in the production of motor vehicles.

The major US stock market indexes, Dow Jones and S&P 500 declined 0.52 percent and 0.76 percent respectively. The tech-heavy Nasdaq composite index fell 1.15 percent on Wednesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed mixed on Wednesday, as investors digested the UK’s inflation data. U.K. retail inflation fell sharply in July to an annual 6.8%, but the core inflation remained unchanged. The UK’s retail inflation was in line with the expectations of an analyst poll in Reuters.

The second estimate shows that the eurozone GDP experienced growth of 0.3%on QoQ basis. Separately, official data showed that the UK’s house prices increased by 1.7% in 2023 up to June. 

The pan-European Stoxx 600 index closed slightly by 0.1%. Media stocks led the losses, down around 0.9%, while retail stocks rose 0.9% on Wednesday. The major European index CAC closed lower by 0.10 percent while DAX closed higher by 0.14 percent. The UK’s FTSE  ended lower by 0.45 percent.

 

Indian Stock Market Indexes

 

Indian stock market indexes closed marginally higher on Wednesday amid volatility. The market sentiments were dented due to weak global cues, as the Fitch rating warned to downgrade US big banks. The surge in domestic CPI inflation and persistent selling pressure from foreign investors also hit the market sentiments. 

The market breadth was quite positive with the advance-decline indicating a ratio of 3:2 at the close. FIIs and DIIs were the net buyers in the Indian equity cash segments, FIIs bought shares worth Rs 722.76 crore while DIIs bought Rs 2406.19 crore on Wednesday.

 

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 Thursday 17 Aug: Stock Market Today” please share it with others.

 

You may also like to read, Nifty and Bank Nifty Prediction for Wednesday 16 Aug 2023

                                          Stock Market Prediction Next Week (14- 18 Aug 2023)

 

Happy Investing!!

Editor’s Desk