Trade Setup for Monday: Stock Market Today (18 March 2024)

 

Trade Setup for Monday, 18 March 2024: Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Market Indexes

 

Asian stock market indexes are trading mostly higher on Monday, as investors are looking for a series of key economic data from China and some cautiousness ahead of the Central Bank’s meeting. China will announce industrial production and retail sales for Jan-Feb, while the unemployment rate for Feb later in the day.

Japan’s Nikkei 225 is trading higher by 2.05%, ahead of the Bank of Japan’s interest rate decision on Tuesday. The BoJ is expected to end the negative interest rate in Japan. Meanwhile, Australia’s S&P ASX 200 is trading marginally lower by 0.07% ahead of the Reserve Bank of Australia’s cash rate decision on Tuesday.

South Korea’s Kospi index is trading higher by 0.48%. Shanghai and Hang Seng are trading slightly higher by 0.15% and 0.18% respectively.  The Straits Times is slightly lower by 0.15% while Taiwan trades higher by 0.46% at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

On Friday, the US market indexes ended lower due to hotter-than-expected inflation data, which pushed the Treasury yields higher ahead of the Federal Reserve interest rate decision next week. The 10-year treasury yield closed higher at 4.318% on Friday, compared to 4.300% on Thursday

The Michigan University survey data showed that the consumer sentiment index fell to 76.5 in March from 76.9 in February, lower than the economist expectation of 77.4. The sentiments were hit, as the CME FedWatch tool is showing that the chances of cutting interest in June have slightly reduced to 58% from 74% shown in the previous week.

The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 index closed lower by 0.49% and 0.65% respectively. The Nasdaq Composite index closed lower by 0.96% on Friday.

 

European Stock Market Indexes Updates

 

European markets closed mixed on Friday as investors remained cautious about the February inflation data and the central bank’s interest rate decision. The Bank of Japan, the Bank of England, and the US Federal Reserve will announce their interest rate decision next week. Germany’s Hello Fresh jumped over 11% after the meal-kit company announced its quarterly results. 

The pan-European Stoxx 600 index fell 0.32% on Friday, with household goods shares leading the losses, while telecom shares gained. The key European stock market index, CAC closed edged higher by 0.04%, while DAX was down edged lower by 0.03%. The UK’s FTSE ended marginally lower by 0.20% on Friday.

 

Indian stock markets

 

Indian stock markets traded below their neutral lines and closed lower on Friday. The indices opened negatively, tracking the weak global cues, as disappointing economic data from the US hit the global market sentiments. However, markets trimmed some intraday losses in the second half and closed in the red on Friday.

The market breadth was negative, with the advance-decline indicating a ratio of 5:6 at the close. FII were the net buyers, acquiring shares worth Rs 848.56 crore, while DIIs were the net sellers, offloaded shares worth Rs 682.26 crore on Friday.

 

Stock Market Today

 

The cues from the US markets were negative, while Asian markets are trading mostly higher today. Gift Nifty is trading flat at 22055 levels. Global market indications are mixed, while Gift Nifty is flat today. Indian stock market indexes are likely to open flat and will be trading volatile, as a slew of economic data is expected from China and accordingly all Asian markets will react.

 

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Also, read  Nifty & Bank Nifty Prediction (Forecast) for Tomorrow, 18 March 2024

 

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Editor’s Desk