Trade setup for Thursday 24 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are trading higher on Thursday, tracking positive cues from Wall Street overnight. Nikkei, Hang Seng, and Shanghai are trading higher by 1.31 percent, 1.10 percent, and 0.25 percent respectively. SGX Nifty is also trading higher by 81 points or 0.44 percent at 18335 levels.
The global cues are positive, and SGX Nifty is also indicating a higher opening for the Indian stock market today. Nifty is likely to open above the 18300 level today.
The US and European market indexes update
The US stock market indexes closed higher on Wednesday, as November minutes of the Federal Reserve meeting showed most officials favored slowing interest rate hike soon. Trading volume was low ahead of the Thanksgiving holiday on Thursday and a half-session on Friday. Markets gained with the support of heavyweight stocks like Amazon and Meta.
The electric vehicle maker Tesla jumped over 7 percent, as Citigroup upgraded the stock to neutral from a sell rating. The US benchmark indexes, Dow Jones and S&P 500 gained 0.28 percent and 0.58 percent respectively while Nasdaq was up by 0.99% on Wednesday.
European stock market indexes closed slightly on the higher side as investors digested the eurozone Flash PMI data and waited for the US Fed’s last meeting minutes. Travel and leisure, retail, mining, and technology stocks closed higher on Wednesday. Meanwhile, the November month’s Flash PMI data for the eurozone published Wednesday improved slightly from the prior month.
The pan- Europe Stoxx 600 closed higher by 0.7 percent, extending its gain in the last hour. The European benchmarks, FTSE and CAC gained 0.17 percent and 0.32 percent respectively while DAX was up by 0.04 percent on Wednesday.
Indian stock market updates
Indian stock market indexes trimmed their early gains and closed slightly higher on Wednesday. Investors preferred to book some profit due to the depreciation in the Indian rupee and cautiousness ahead of the FOMC minutes. At the close, Sensex and Nifty ended higher by 0.15 percent and 0.13 percent respectively. FIIs were the net seller, they sold Rs 789.86 crore worth of shares while DIIs bought Rs 413.75 crore in the Indian equity markets on Wednesday.
News you should read before the trade setup for today 24 Nov
European Union (EU) could cap Russian Oil Prices and is expected to settle on a figure from within the $65-$70 range. The proposed oil price of $65-$70 a barrel is well above Russia’s cost of production, as Russia is already selling its crude at discounts.
Though some EU diplomats said the proposed level was too high, the range is in line with the historical average from before the invasion. The crude Oil prices fell more than 4% after the media reported the proposed price range on 23 November 2022, it was trading higher in the early trade. Brent crude oil is currently trading slightly higher at $85.15 per barrel
The US jobless claims rose to the highest level since August 2022 but still remain low by historic standards. On Wednesday the US Labor Department reported that 240000 people applied for Jobless claims last week, up by 17000 from the previous week.
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