Trade Setup for Wednesday: Stock Market Today (15 Nov 2023)

 

Trade Setup for Wednesday

 

Trade Setup for Wednesday, 15 Nov 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 higher on Wednesday following gains From Wall Street after a softer-than-expected US inflation reading. Meanwhile, the data from the region showed Japan’s economy shrank during the third quarter for the first time in the last four quarters, due to slowing global demand and surging domestic inflation.

Japan’s Nikkei is trading sharply higher by 2.02%, while Australia’s S&P ASX 200 also added 1.53%. South Korea’s Kospi is trading higher by 1.99%. Shanghai and Hang Seng are also trading higher by 0.51% and 2.18% respectively. Elsewhere, the Straits Times and Taiwan are also trading higher by more than 1% at 7.20 am IST

 

U.S. Stock Market Indexes Updates

 

US stock market indexes rallied on Tuesday after consumer price inflation reading came cooler than expected in October. This pushed the 10-year Treasury yield sharply lower by 18 bps at 4.445% from its Monday close of 4.636%. 

CPI inflation came flat in October, while the expectation was a gain of 0.1% month over month. The annual CPI inflation rose by 3.2% in October down from a rate of 3.7% in September, while the expectation was 3.3%. The core inflation also came lower than expected and slowest in two years.

The ease in inflation reading fueled the optimism among investors that the central bank may be closing its interest rate hiking cycle.  The key US stock market indexes Dow Jones and S&P 500 gained 1.43% and 1.91% respectively, while Nasdaq closed higher by 2.37% on Tuesday. 

 

European Stock Market Indexes Updates

 

European stock markets ended higher on Tuesday, following the cooler-than-expected inflation reports from the US for the month of October. The economic data released on Tuesday showed that Eurozone, GDP contracted by 0.1% on a QoQ basis in (July-September) quarter, according to Eurostat.

Separate data from the ZEW institutes showed that the gauge for economic sentiment in Germany jumped to 9.8 in November, it was reported to -1.1 in October, the expectation was 5.0.

The pan-European Stoxx 600 index gained 1.4% on Tuesday, with almost all sectors ending in the green. Retail stocks led the gains, while oil &gas stocks declined. The key US stock market indexes, CAC and DAX gained 1.37% and 1.73% respectively, while the UK’s FTSE was up slightly by 0.20% on Tuesday.

 

Indian Stock Market Indexes

 

Indian stock markets closed lower on Monday following the negative cues from Asian markets. The domestic market sentiments were hit as the IIP data came below expectations last Friday. Investors were also cautious ahead of the CPI inflation data domestically as well as from the US. 

The market breadth was negative with the advance decline indicating a ratio of 1:2 at the close. FIIs were the net sellers on Monday, they offloaded shares worth Rs 1244.44 crore while DIIs were the net buyers, they bought shares worth Rs 830.40 crore. Indian stock markets were closed on Tuesday on account of Balipratipada

 

Stock Market Today

 

On Tuesday, Gift Nifty was up by 1.23% or 240.5 points at 19741 levels, and on Wednesday Gift Nifty traded at 19735. Indications from US and Asian stock market indexes are strong today. Indian stock markets will open a gap-up today and trade positively.

 

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News you should read before the trade setup for today, 15 November 2023

 

According to the government data released on Monday post markets, India’s consumer price inflation eased to a four-month low of 4.87% in October, and the country’s retail inflation was 5.02% in September. Food inflation which accounts for half of the CPI inflation basket came slightly higher. 

The latest WPI inflation data released on Tuesday showed that India’s Wholesale Price Index (WPI)-based inflation fell to -0.52% in October, the WPI inflation was recorded at -0.26% in the previous month.

 

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You may also like to read,     Stock Market Prediction Next Week (6 – 10 Nov 2023)

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