Trade Setup for Monday: Stock Market Today (22 April 2024)
Trade Setup for Monday, 22 April 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 higher on Monday after the previous session’s sell-off prompted by Israel’s retaliation against Iran. Israel’s strikes had limited impact but investors are still closely monitoring developments in geopolitical tensions. Investor’s focus now shifted to China’s Loan Prime Rate (LPR) for 1 & 5 years which are due later in the day.
Japan’s Nikkei 225 is trading higher by 0.13%, while Australia’s S&P 500 index is up by 0.95%. South Korea’s Kospi index is also trading higher by 0.81%. The Shanghai index is trading marginally lower by 0.05% ahead of the Peoples Bank of China’s Loan Prime Rate decision, due later today. Hang Seng is trading higher by 1.50%. The Straits Times and Taiwan are also trading higher at 7.10 am IST.
U.S. Stock Market Indexes Updates
On Friday, the US stock market indexes ended on a mixed note, as investors assessed the latest quarterly earnings and geopolitical tension in the Middle East. The Dow Jones Industrial Average closed higher, as American Express’s share price jumped more than 6% after beating first-quarter estimates.
The S&P 500 and Nasdaq composite index fell for the sixth consecutive session as Netflix fell more than 9% after the second quarter revenue outlook fell short of estimates. Meanwhile, Nvidia was down 10% ahead of its quarterly results on Friday and dragged down other tech giants, Meta Platform, Alphabet, Apple, Amazon, and Microsoft on Friday.
The key US stock market index, Dow Jones Industrial Average (DJIA) closed higher by 0.56%, while the S&P 500 and Nasdaq index closed lower by 0.88% and 2.05% respectively.
European Stock Market Indexes Updates
European stock market indexes ended on a mixed note on Friday. The market sentiments were cautious due to geopolitical tension between Iran and Israel and US interest rate uncertainty. Traders closely monitored the fresh tension between Iran and Israel and remained sidelined.
On the economic front, the UK’s retail sales data came flat in March, compared to the last month. Meanwhile, the data from Germany showed that the Producer Price Index fell at the slowest pace in eight months in March.
The pan-European Stoxx closed lower by 0.08% on Friday. The key European stock market indexes CAC and DAX closed lower by 0.01% and 0.56% respectively, while the UK’s FTSE was up by 0.24% on Friday.
Indian Stock Markets
Indian stock markets closed higher on Friday, snapping a four-day losing streak. The equity benchmarks opened lower amid negative global cues, traded volatile, and closed with significant gains on Friday. Indian markets opened lower due to the fresh escalation between Israel and Iran and the hawkish remarks made by the Fed officials about the interest rate cuts overnight.
The market breadth was almost flat with the advance-decline indicating an equal ratio at the close. FIIs were the net buyers in the equity cash segments, they bought shares worth Rs 129.39 crore while DIIs were the net sellers, offloaded shares worth Rs 52.50 crore on Friday.
Stock Market Today
The cues from Asian markets are positive today. Gift Nifty is trading higher by 40 points at 22244 levels. The indications from the global markets and Gift Nifty are positive. Indian stock market indexes will likely open higher and will trade volatile today.
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