Trade Setup for Thursday: Stock Market Today ( 7 Dec 2023)

 

Trade Setup for Thursday

 

Trade Setup for Thursday, 7 Dec 2023: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Markets

 

Asian stock market indexes are trading lower on Thursday following the losses from Wall Street overnight and as investors assessed economic data in the region. Japan’s Nikkei is trading lower by 1.18% after leading gains in the region on Wednesday. Australia’s S&P ASX 200 is trading slightly down by 0.20%, as the country’s trade surplus in October widened to 7.13 billion Australian dollars and missed estimates of AU$7.5 billion.

South Korea’s Kospi is down by 0.45%. Shanghai index is trading lower by 0.28% ahead of China’s trade data due later in the day, while Hang Seng is also down by 0.72%.  Elsewhere, the Straits Times is trading in the red while Taiwan is slightly higher at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes pared early gains and closed lower on Wednesday despite a fall in Treasury yields after fresh data showed the job market slowed unexpectedly in November. The payroll processor ADP showed that the US private employers added only 103,000 jobs last month, lower than 106,000 jobs in October and sharply below the economist’s expectations of 130,000 jobs. The 10-year-old US Treasury yield fell to 4.109%, it was settled at 4.175% on Tuesday.

Energy stocks witnessed selling pressure on Wednesday, as crude oil prices fell sharply, with WTI Crude trading below $70 per barrel. Shares of Campbell Soup gained more than 7% after the food company beat expectations for quarterly profits on Wednesday. Brown Forman shares fell sharply around 10% after the whiskey maker cut its net sales forecast for 2024.

The key US stock market indexes erased all opening gains and ended lower. The Dow Jones Industrial Average (DJIA) and S&P 500 index closed lower by 0.19% and 0.39% respectively, while the tech-heavy Nasdaq was down by 0.58% on Wednesday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Wednesday, as investors started to bet on interest rate cuts after a dovish remark by ECB official Isabel Schnabel and shrugged off an unexpected fall in German factory orders. Germany’s blue-chip DAX index closed higher by 0.74%, extending the record level it closed on Tuesday.

Travel group stock Tui led the gains, up by 15% as investors assessed its sharp rise in full-year profit and its fresh guidance for 2024. Retail stocks declined as H&M fell more than 1% after Deutsche Bank analysts downgraded the stock from a hold to a sell.

The pan-European Stoxx 600 index gained 0.52%, with Auto and Mining stocks gaining the most, while Oil and gas stocks declined. The key European index CAC was up by 0.66% while the UK’s FTSE erased intraday losses and closed higher by 0.34% on Wednesday.

 

Indian Stock Market Indexes

 

Indian stock markets ended the volatile session with moderate gains on Wednesday. The domestic markets opened higher and erased all gains in the afternoon session. However, markets bounced back in the last hour rally tracking the positive cues from Asian counterparts. Sensex and Nifty hit an all-time high at 69744.62 and 20961.91 in late hour rally. 

The market breadth was slightly on the positive side with the advance decline indicating a ratio of 3:2 at the close. Foreign investors were the net sellers in the Indian equity cash segment, they offloaded shares worth Rs 79.88 crore while DIIs were the net buyers, they bought shares worth Rs 1372.18 crore on Wednesday.

 

Stock Market Today

 

Gift Nifty is down 13 points and trading at 21046 levels. The indications from the US and Asian markets are negative today. Indian stock markets are likely to open on a cautious note and will trade volatile. Traders should remain cautious and trade with strict stop loss.

 

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 a lifetime Demat AMC Free with Flat Rs 20 Brokerages

 

If you like the “Trade Setup for Thursday; Stock Market Today ( 7 December 2023 )” please share it with others.

 

You may also like to read, Nifty and Bank Nifty Prediction for Tomorrow – 7 December 2023

                                           5 Best Stock Market Books- Beginners Must Read in 2022

 

Happy Investing!!

Editor’s Desk