Trade Setup for Tuesday; Stock Market Prediction Today (31 October 2023)

 

Trade Setup for Tuesday

 

Trade setup for Tuesday, 31 October 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 mixed on Tuesday as investors are waiting for the Bank of Japan’s (BoJ) monetary policy outcome and economic data across the region. Japan’s Nikkei is trading lower by  0.32 %, while Australia’s S&P ASX 200 is trading higher by 0.22%.

South Korea’s Kospi is trading lower by 0.65 percent. The Shanghai index is trading lower by 0.26% as China’s manufacturing PMI contracts to 49.5 in September from 50.2 expected. Hang Seng is also trading lower by 1.02 percent, while Straits Times and Taiwan are trading in the green territory at 7.15 a.m. IST.

 

U.S. Stock Market Indexes Updates

 

The US stock markets ended with a significant gain on Monday, as surges led by big tech stocks ahead of Apple’s quarterly earnings and the Fed’s interest rate decision due on Wednesday. The shares of Google parent Alphabet, Meta Platforms, Amazon, and Netflix gained between 2% to 3%, while Apple was up by 1.23% ahead of the quarterly earnings on Thursday.

United Auto Workers and General Motors reached a tentative deal on Monday, ending a six-week-long strike at Detriot automakers according to a Bloomberg report. The share price of General Motors rose 0.51% at the close. McDonald and SoFi Technologies closed higher by 1.7% and 1.02% respectively as both the company reported better-than-expected quarterly results.

The key US stock market indexes Dow Jones Industrial Average (DJIA) and S&P 500 index gained 1.58% and 1.20% respectively while the Nasdaq Composite Index was up by 1.16% on Monday.

 

European Stock Market Indexes Updates

 

European stock markets ended with moderate gains on Monday despite ongoing Middle East tension. Investors assessed the key economic data in the region and followed positive Asian and US markets. German gross domestic product (GDP) data showed a 0.1% quarterly fall. The data showed a slightly better than 0.3% decline estimated by the economist according to a Reuters poll.

The Eurozone Economic Sentiment Indicator (ESI) fell by 0.1 points to 93.3 in October from a revised data of 93.4 reported in September. The ESI reading was line in with the expectation but fell consecutively for the six consecutive months.

The pan-European Stoxx 600 index gained 0.36 percent with all major sectors closing higher and the healthcare sector led the gain. The key European stock market indexes CAC and DAX gained 0.44 percent and 0.20 percent respectively, while the UK’s FTSE was up by 0.49 percent on Monday.

 

Indian Stock Market Indexes

 

Indian stock markets closed higher for the second consecutive day on Monday. The domestic markets were lifted after getting support from Asian, and European markets. The broader markets fell sharply in the morning trade recovered in the second half and closed in the green. 

The market breadth was quite positive with the advance-decline indicating a ratio of 3:2 at the close. FIIs were the net sellers, they offloaded shares worth Rs 1761.86 crore while DIIs were the net buyers and they purchased shares worth Rs 1238.47 crore.

 

Q2 Earnings

 

Larsen & Toubro, Bharti Airtel, Tata Consumer Products, GAIL (India), Indian Oil Corporation, Arvind, Adani Total Gas, Birlasoft, CARE Ratings, DCB Bank, Mankind Pharma, Max Financial Services, Motherson Sumi Wiring India, Navin Fluorine International, Nuvoco Vistas Corporation, Five-Star Business Finance, Indiabulls Real Estate, Jindal Steel & Power, PNC Infratech, RITES, and VIP Industries will announce their quarterly earnings on Tuesday.

 

Stock Market Prediction Today

 

Gift Nifty is down by 6 points or 0.05% at 19216 levels. The indications from the US and European markets are positive while Asian markets are trading cautiously ahead of the BoJ monetary policy, which is due later in the day. Indian stock market indexes are likely to open flat but the trend may change after the BoJ policy updates.

 

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