Trade Setup for Tuesday: Stock Market Today (28 Nov 2023)
Trade Setup for Tuesday
Trade Setup for Tuesday, 28 November 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, following the negative cues from Wall Street overnight, and as investors remain cautious ahead of the key economic data due later this week. Japan’s Nikkei opened flat and extended losses, down by 0.31%, while Australia’s S&P ASX 200 index trimmed some early gains and is trading higher by 0.61%
South Korea’s Kospi is up by 0.47%. Shanghai erased its early losses and is trading slightly higher by 0.04%, while Hang Seng is down by 0.31%. Elsewhere, the Straits Times is trading lower, while Taiwan is up at 7.20 am IST.
U.S. Stock Market Indexes Updates
The US stock markets ended with minor cuts on Monday after four straight weeks of gains. Investors remained sidelined and reluctant to take any big bet ahead of the economic data due later this week. Energy stocks fell the most due to a drag in oil prices.
Investors cheered as retail markets got back on track after Thanksgiving Day. Consumer spending on Black Friday jumped higher than last year. E-commerce stocks including Amazon, Shopify, and Etsy gained on Cyber Monday.
The latest data showed that the new homes sold at a slower-than-expected pace in October, but showed some improvement as compared to the previous year. The 10-year US Treasury yields slipped to 4.391% on Monday, it settled slightly higher at 4.471% on Friday.
The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index closed lower by 0.16% and 0.20% respectively, while the Nasdaq Composite Index was down by 0.07% on Monday.
European Stock Market Indexes Updates
European stock markets closed marginally lower on Monday, and started the week on a subdued note, as investors are looking ahead to the inflation data from the region and US later this week. The market sentiments were also hit, as China’s industrial profits continued to decline in November, although at its slowest pace in nearly a year.
The pan-European Stoxx 600 index ended in the red by 0.28%. Oil and gas stocks traded choppy and closed flat, despite the oil futures trading lower. The travel stocks closed lower while utilities stocks ended higher on Monday.
The major European stock market indexes, CAC and DAX closed lower by 0.38% and 0.40% respectively while the UK’s FTSE was down by 0.37% on Monday.
Indian Stock Market Indexes
Indian stock markets ended slightly lower for the second consecutive day on Friday. The domestic markets opened higher erased all gains and traded near their neutral line. The market sentiments were negative following the weakness in Asian markets.
The market breadth was almost flat with the advance decline indicating a neutral ratio at the close. The foreign investors and Domestic Institutional investors were net buyers in the equity cash segments. FIIs bought shares worth Rs 2625.21 crore while DIIs bought shares worth Rs 134.46 crore on the last trading day of the week.
Stock Market Today
Gift Nifty is trading 34 points higher at the 19869 level. The indications from the US and Asian markets are slightly negative today. Indian stock market indexes are likely to open higher, but traders need to remain cautious at the higher level.
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