Trade Setup for Monday: Stock Market Today (20 Nov 2023)

 

Trade Setup for Monday

 

Trade Setup for Monday, 20 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 markets are trading mixed on Monday after major indexes closed lower in the previous session. Shanghai is trading lower by 0.15% as the People’s Bank of China (PBOC) kept the Loan Prime Rate (LPR) unchanged as widely expected, while Hang Seng is trading higher by 0.80%.

Japan’s Nikkei is trading marginally lower by 0.04%, while Australia’s S&P ASX 200 index is trading slightly higher by 0.11%. South Korea’s Kospi added 0.50%. Elsewhere, the Straits Times and Taiwan are trading in the red at 7.20 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed slightly higher on Friday as gains in oil & gas, consumer services, and industrial sectors lifted the key indices. The market sentiments remained upbeat due to slowing inflation data released earlier in the last week that fueled optimism that the Fed rate hike has peaked.

The retail shares gained led by Gap and Ross Stores as both the companies reported better than expected quarterly results. The Treasury yields continued their southward journey, on optimism that the Federal Reserve was done with the interest rate hiking cycle.

The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.01% and 0.13% respectively, while the Nasdaq Composite Index was up by 0.08% on Friday.

 

European Stock Market Indexes Updates

 

European stock markets closed higher on Friday as investors assessed the latest economic data in the region for future monetary policy decisions. The UK’s retail sales declined by 0.3% on month on month basis, hitting the lowest level since early 2021, while analysts were expecting a 0.3% gain.

Meanwhile, the final reading of eurozone inflation showed a sharp decline. October’s year-on-year inflation reading came in at 2.9% against 4.3% recorded in September, according to the Eurostat.

The pan-European Stoxx 600 index gained 1.01% on Friday, with all sectoral indices closed in the positive territory. Financial Services sectors gained the most followed by the mining sector. The major European indexes, CAC and DAX gained 0.91% and 0.83% respectively, while the UK’s FTSE was up by 1.24% on Friday.

 

Indian Stock Market Indexes

 

Indian stock market indexes snapped a two-day winning streak and closed lower on Friday. Heavy profit booking in banking and financial sectors after RBI’s implementation of stricter norms for consumer loans dragged the indices, while defensive stocks supported the market from big damage.

The market breadth was positive with the advance decline indicating a ratio of 3:2 at the close. The Foreign Investors and DIIs both were net sellers, FIIs offloaded shares worth Rs 477.76 while DIIs sold shares worth Rs 565.48 crore on the last trading day of the week.

 

Stock Market Today

 

Gift Nifty is trading flat at the 19801 level. The indication from US markets was slightly positive, while Asian markets are trading mixed. Indian stock market indexes are likely to open near their flat line and will trade a range-bound session today.

 

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Happy Investing!!

Editor’s Desk