Trade Setup for Monday 26 June: Stock Market Today

 

Trade setup for Monday 26 June 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.

 

Asian Stock Markets

 

Asian stock market indexes are mostly trading higher on Monday, even after  Wall Street closed in the red and snapped a multi-weak winning streak on Friday. Nikkei erased early losses and turned green, trading higher by 0.19 percent, as Japan’s producer prices index for its services sector was unchanged in May, as compared to the previous month. 

South Korea’s Kospi is trading higher by 0.40 percent, while Hang Seng is also trading higher by 0.44 percent at 7.10 am IST. The Shanghai index is trading lower by 0.76 percent, as traders returned after a long weekend. Shanghai was closed last Thursday and Friday on account of the Dragon Boat Festival holiday.

SGX Nifty is trading flat at 18714 levels. The indication getting from the Asian stock market is positive today. Indian stock market indexes are likely to open on a positive note on Monday and trade positively in most parts of the session today.

 

U.S. Stock Market Indexes update

 

The US stock market indexes closed lower on Friday due to selling pressure in tech stocks. The Federal Reserve Chairman Powell’s comment on two more interest rate hikes this year to control inflation to its 2% target levels dented market sentiments. Investors are now fearing further rate hike impact on the economy, as more rate hikes can trigger a recession in the US economy.

The renewed fear has increased the Future market’s probability that Fed will hike interest rates by another 25 bps in its next meeting. The key US stock market indexes, Dow and S&P 500 closed lower by 0.65 percent and 0.77 percent respectively while Nasdaq was down by 1.01 percent on Friday.

 

European Stock Market Indexes Updates

 

European stock market indexes ended lower on Friday, as the flash PMI data showed that the factory and services activity reading in the euro area was weaker than expected in June. However, the downside was limited, as the economic data released in the UK showed that Consumer confidence edged higher for the fifth consecutive week, and retail sales also showed an uptick in May

German’s DAX fell the most in the region on Friday, the index was down 1 percent, as Siemens Energy plunged 37% after the company lowered its profit outlook for the year due to problems in its wind turbine unit. The other major indexes, CAC and UK’s FTSE were down by 0.56 percent and 0.54 percent respectively.

 

Indian Stock Market Indexes Updates

 

Indian stock market indexes closed lower for the second straight session on Friday. The market sentiments were downbeat due to weak global cues. The disappointing economic data from Japan, and raising interest rates in Western countries hit market sentiments. The pharma sector edged higher, while other sectoral indices in Nifty closed in the red. The market breadth was negative with the advance decline indicating a 1:2 ratio at the close. FIIs and DIIs were net sellers in the Indian equity markets, FIIs sold shares worth Rs 344.1 crore while DIIs offloaded Rs 684.01 crore on Friday.

 

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You may also like to read, Stock Market Prediction Next Week (26- 30 June 2023)

                                           Nifty and Bank Nifty Prediction for Monday 26 June 2023

 

Happy Investing!!

Editor’s Desk