Trade Setup for Friday: Stock Market Today (19 Jan 2024)

 

Trade Setup for Friday, 19 Jan 2024: 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 mostly trading on a strong note on Friday, tracking gains from Wall Street overnight. Japan’s Nikkei is trading higher by 1.51%, as the country’s retail inflation hit its lowest level since June 2022, ahead of next week’s monetary policy meeting. Australia’s S&P ASX 200 is trading higher by 0.84%, recovering after three straight days of losses.

South Korea’s Kospi index is also up by 0.98%. Shanghai index is trading lower by 0.29% while Hang Seng is trading higher by 0.68%. The Straits Times and Taiwan are also trading in the positive territory at 7.05 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes closed higher on Thursday due to a rally in technology stocks led by Apple and chip stocks. Apple rose 3.26%, as Bank of America upgraded the stock to buy from neutral, setting the target of more than 20% upside over the next 12 months. 

Other technology and chip-related stocks including Google parent Alphabet, AMD, and Nvidia gained more than 1% each, while Taiwan Semiconductor Manufacturing jumped more than 9% after reporting upbeat quarterly results above market estimates and forecasting 20% revenue growth this year.

On the economic front, the weekly jobless claims data showed the number of Americans filing for new unemployment benefits in the last week hit the lowest level since late 2022, indicating strong job growth in January. The 10-year Treasury yields surged to 4.146% from its previous close of 4.109%.

The key US stock market indexes, Dow Jones and S&P 500 index gained 0.54% and 0.88% respectively, while Nasdaq jumped 1.35% on Thursday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Thursday after a cautious start as investors digested the hawkish comments from the central bank policymakers at Davos. Investor’s focus now shifted to a new batch of quarterly earnings.

Watches of Switzerland tumbled more than 36% after the luxury watch retailers cut revenue guidance for the 2024 fiscal year as consumers avoided its expensive products.

The pan-European Stoxx 600 index gained 0.57% snapping a three-day losing streak. Travel stocks gained the most while utilities fell on Thursday. The key European stock market indexes, CAC and DAX closed higher by 1.12% and 0.82% respectively, while the UK’s FTSE was up by 0.17%.

 

Indian stock markets

 

Indian stock market indexes closed lower for the third consecutive session on Thursday. The domestic markets opened lower and traded below their neutral lines throughout the day on the back of selling in Financial Services, Metal, and Energy stocks. The sell-off in HDFC Bank continued for the second consecutive day, declining over 3%.

The market breadth was slightly on the positive side with the advance decline indicating a 4:3 ratio at the close. FIIs were the net sellers in the equity cash segments, they aggressively sold shares worth Rs 9901.56 crore, while DIIs bought shares worth Rs 5977.12 crore.

 

Quarterly Earnings for Today

 

Reliance Industries, Hindustan Unilever, UltraTech Cement, One 97 Communications (Paytm), RBL Bank, Hatsun Agro Product, HT Media, Sunteck Realty, Hindustan Zinc, Atul, Central Bank of India, CESC, CreditAccess Grameen, Tejas Networks, and Websol Energy System will announce their quarterly earnings today.

 

Stock Market Today

 

The cues from Wall Street and Asian markets are optimistic. Gift Nifty closed 77 points higher on Thursday and currently trading marginally lower at 21531 level. Both global markets and Gift Nifty are showing positive signs today. Indian stock market indexes are likely to open in the green territory and are expected to remain volatile.

 

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You may follow our Nifty and Bank Nifty live updates, support, and resistance levels at 11.15 a.m. Also, read What to Expected in the Markets this Week 

 

Happy Investing!!

Editor’s Desk