Trade Setup for Monday 21 Nov: Stock Market News
Trade setup for Monday 21 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today
Asian stock market indexes are trading mostly in the red on Monday despite positive cues from Wall Street on Friday. The market sentiments in the Asian region are downbeat, as China reports its first death from Covid-19 in 6 months, as cases are surging in the capital Beijing.
At 7.20 am IST, Nikkei is trading marginally lower by 0.13 percent while Hang Seng and Shanghai are trading lower by 2.79 percent and 1.19 percent respectively. SGX Nifty is also trading lower by 48 points or 0.26 percent at 18299 levels.
The indication getting from the Asian market markets is negative today. Indian stock market indexes are likely to start on a cautious note today.
The US and European market indexes update
The US stock market indexes ended higher amid volatility on Friday. The utility stocks led the gains while the energy and communication stocks fell as the crude oil prices declined sharply. The markets remained volatile due to the hawkish comments made by the Fed officials which fear among investors for aggressive interest rate hikes in Fed’s next meeting.
The key US stock market indexes, Dow Jones and S&P 500 gained 0.59 percent and 0.48 percent respectively while the tech-heavy Nasdaq closed almost flat, just up by 0.01 percent at the close on Friday.
European stock market indexes gained on Friday, as investors went bargain-hunting after two days of losses. Almost all sectoral indices closed higher on the last day of the week led by retail and auto, which added nearly 2 percent on Friday.
Traders remained cautious and try to access the outcome of the US Fed’s monetary policy after hawkish comments made by the Fed officials. The major European benchmark indices, CAC and DAX gained 1.04 percent and 1.16 percent respectively while FTSE was up by 0.53 percent on Friday.
Indian stock market updates
The Indian stock market indexes erased most of their intraday losses and closed slightly lower on Friday. The market sentiments were negative due to weak global cues. The market breadth was slightly on the weaker side with the advance decline indicating a 3:4 ratio at the close. FIIs were the net sellers, they sold Rs 751.20 crore while DIIs bought Rs 890.45 worth of shares in the equity cash market segments.
News you should read before the trade setup for today 21 Nov
According to the latest RBI data showed, India’s foreign exchange reserve logged its fastest pace of growth since August 2021 by 14.72 billion to $544.72 billion for the week of November 11. However, the country’s reserves had fallen by over $110 billion since March 2022 as RBI was supporting the rupee against global volatility.
As many developed economies moving towards recession, the former Niti Aayog Vice-Chairman Rajiv Kumar has shown confidence that India will grow at 6-7 percent in the next 2023-24 fiscal. He said there is no prospect of recession in India, and though our growth may be affected negatively due to global conditions, we will still manage to grow at 6-7 percent in 2023-24. You can read the full post on the economic times
Deloitte India in its report said that India is likely to post a 6.5-7.1 percent economic growth during the financial year 2022-23 amid rising inflation and a looming global slowdown. The report further said the persistent inflation has challenged policymakers in the last few months. Despite RBI’s steep rate hikes inflation remain above its tolerance range for over 9 months.
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