Trade Setup for Tuesday: Stock Market Today (9 April 2024)

 

Trade Setup for Tuesday, 9 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 Tuesday ahead of the inflation reading from the US and as investors assessed economic data released in the region. Australia’s consumer confidence declined in April due to persistent inflation and higher interest rates, while investors are waiting for Japan’s consumer confidence data later today.

Japan’s Nikkei 225 is trading higher by 0.71% while Australia’s S&P ASX 200 is up by 0.51%. South Korea’s Kospi is trading higher by 0.15%. Shanghai is trading flat to the positive, while Hang Seng is up by 1.05%. The Straits Times and Taiwan, are also trading in the positive territory at 7.15 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes gave up their early gains on Monday and closed flat ahead of the inflation data. Investors preferred to book profit ahead of the March inflation readings and big bank’s quarterly results later this week. Investors are also looking for the FOMC minutes for more cues on the Fed’s interest rate cuts. According to the CME FedWatch tool, there is still of 51%, chance of the Fed cutting a 25 bps interest rate in June.

On the equity front, energy stocks declined on the news of a possible ceasefire between Israel and Hamas, as this will ease the concern of supply disruption from the Middle East. The shares of Boeing fell around 0.80% as the engine cover on a Southwest Airlines Aircraft fell during take-off in Denver. Meanwhile, Tesla shares gained more than 4%, after company CEO Elon Musk said that the company will unveil its robotaxi design on Aug 8.

The key US stock market indexes, the Dow Jones Industrial Average and the S&P 500 index closed edge lower by 0.03% and 0.04% respectively. The Nasdaq Composite index closed slightly higher by 0.03% on Monday.

 

European Stock Market Indexes Updates

 

European stock market indexes closed higher on Monday, as markets are trying to recover some of the previous week’s losses. The upside remained capped as investors were cautious ahead of the European Central Bank’s policy decision and quarterly earnings from US banking giants later this week.

On the economic front, German exports declined more than expected, while industrial output grew more than expected, the second straight rise in February, compared to the previous month. Meanwhile, according to a survey, eurozone investor’s sentiments showed a major improvement in April, for the sixth straight month of gain.

The pan-European Stoxx 600 index gained 0.47%, with mining gaining the most, while media stocks fell. The key European stock market indexes, CAC and DAX closed higher by 0.71% and 0.79% respectively, while the UK’s FTSE was up by 0.41% on Monday.

 

Indian stock markets

 

Indian stock market indexes closed higher on Monday amid positive global cues. The markets opened higher and extended their early gains as the session progressed. Sensex and Nifty hit a fresh record high of 74869.30 and 22697.30 in the afternoon session. The market upside remains capped as investors remain cautious ahead of both domestic and US inflation data, due later this week.

The market breadth was almost neutral, as the advance and decline indicated an equal ratio at the close. DIIs were the net buyers in the equity cash segments, they acquired shares worth Rs 3470.54 crore while FIIs were the net sellers, they offloaded shares worth Rs 684.68 crore.

 

Stock Market Today

 

The global cues are positive today. The Gift Nifty index added 61 points on Monday. The Gift Nifty index is trading marginally higher at 22844 levels. The indication from global markets and Gift Nifty are positive today. Indian stock market indexes are likely to open higher and will trade positively.

 

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You may follow our Nifty and Bank Nifty Predictions, support, and resistance levels in the live markets. 

Also, read  Market Prediction Tomorrow: Nifty and Bank Nifty Trends & Analysis, April 9, 2024

                  Stock Market Prediction Next Week (8 – 12 April 2024) 

 

Happy Investing!!

Editor’s Desk