Trade Setup for Wednesday; Stock Market Prediction Today (1 November 2023)

 

Trade Setup for Wednesday

 

Trade setup for Wednesday, 1 November 2023- Good morning, and welcome to the morning reports, the top things to know ahead of market opening and Trade setup today.

 

Asian Stock Markets

 

Asian stock markets are trading higher on Wednesday following the gains from Wall Street overnight. Investors are waiting for the Purchasing managers’ index data for October from major economies including China and South Korea later in the day. 

Japan’s Nikkei is gaining the most, up by 2.11%, while Australia’s S&P ASX 200 added 0.48%. South Korea’s Kospi is trading higher by 0.75%. Shanghai and Hang Seng are trading marginally higher by 0.22% and 0.05% respectively. Elsewhere, the Straits Times and Taiwan are also trading in green territory at 7.10 a.m. IST

 

U.S. Stock Market Indexes Updates

 

The US stock markets closed higher on Tuesday, the last trading day of the month, as investors digested a slew of corporate earnings. Though the indices ended higher but could not manage to avoid the third straight monthly losses for the first time since March 2020. 

On the economic front, October’s consumer confidence comes in higher than expected, as per Conference Board data. The 10-year Treasury yield climbed 4.934% ahead of the Fed interest rate decision, it settled at 4.895% on Monday.

Caterpillar reported solid third-quarter results and beat analyst’s estimates. The shares fell sharply by 6.6% after the company showed concern about slowing demand for equipment sales. The share of JetBlue ended lower by more than 10% after the Airline company reported the third quarterly results below the analysts’ expectations.

The key US stock market indexes, Dow Jones and S&P 500 gained 0.38 percent and 0.65 percent respectively, while Nasdaq was up 0.48 percent on Tuesday.

 

European Stock Market Indexes Updates

 

European stock market indexes mostly closed positive on Tuesday as assessed key economic data and more quarterly earnings. The pan-European Stoxx gained 0.53 percent with mostly all sectors ending higher while Oil & Gas ended lower as BP’s London-listed share fell more than 4% after the company missed third quarterly estimates.

On the economic front, Eurozone inflation fell to a two-year low of 2.9%, raising hope of the ECB to rate cut sooner than expected next year. Meanwhile, the report from the Eurostat agency said the eurozone economy contracted by 0.1% in the third quarter, below a forecast of stagnation.

The major European stock market indexes, DAX and CAC gained 0.88 percent and 0.63 percent respectively, while the UK’s FTSE was down by 0.08 percent.

 

Indian Stock Market Indexes

 

Indian stock markets snapped a two-day winning streak and ended with modest losses. The domestic markets opened a gap-up on Tuesday and then immediately pared all gains amid weakness in Asian markets. Investors remained cautious ahead of the US Fed monetary policy updates and preferred to book profits at the higher levels. 

The market breadth was almost equal with the advance decline indicating a neutral ratio at the close. FIIs were the net sellers, they offloaded shares worth Rs 696.02 crore while DIIs were net buyers they bought shares worth Rs 340.25 crore.

 

Q2 Earnings

 

Hero MotoCorp, Tata Steel, Sun Pharmaceutical Industries, Britannia Industries, Ambuja Cements, Adani Wilmar, Cera Sanitaryware, Kansai Nerolac Paints, KEC International, LIC Housing Finance, Motilal Oswal Financial Services, Fino Payments Bank, Godrej Consumer Products, Indraprastha Gas, India Cements, JK Tyre & Industries, Plaza Wires, REC, Triveni Turbine, and Unichem Laboratories

 

Stock Market Prediction Today

 

Gift Nifty is trading slightly lower by 4 points or 0.02% at 19136 levels. The indications from the US and European markets are positive. Asian markets are also trading higher. Indian stock market indexes are likely to open in the green and trade positively but traders should remain cautious ahead of Manufacturing PMI data, which is due later in the day.

 

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News you should read before the trade setup for today, 1 Nov 2023

 

The data released by the Ministry of Commerce and Industry on October 31, showed that India’s eight core sectors posted a growth of 8.1% in September. This is the lowest growth in four months. In the month of August, the core sector growth was 12.1% was the highest in 14 months.

Separately, data released by the Controller General of Accounts (CGA) showed that India’s fiscal deficit widened to Rs 7.01 lakh crore during the period of April- September. It has increased from Rs 6.43 lakh crore in April- August. The first six month’s deficit was 39.3% of the full-year target of Rs 17.87 lakh crore, whereas in the previous year it was 37.3% for the same period.

 

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Happy Investing!!

Editor’s Desk