Trade Setup for Wednesday: Stock Market Today (22 Nov 2023)
Trade Setup for Wednesday
Trade Setup for Wednesday, 22 Nov 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 market indexes are mostly trading higher on Wednesday despite the negative cues from Wall Street. Japan’s Nikkei extended its early gains and is trading higher by 0.56%, while Australia’s S&P ASX 200 is trading slightly higher by 0.02%
South Korea’s Kospi is trading lower by 0.58%. Shanghai is trading marginally lower by 0.15%, while Hang Seng is trading marginally higher by 0.13%. Elsewhere, the Straits Times is trading higher by 0.07% while Taiwan is down by 0.54% at 7.15 am IST.
U.S. Stock Market Indexes Updates
US stock market indexes closed marginally lower on Tuesday as the Federal Reserves minutes showed that the policymakers backed higher interest rates for a longer period and no indications of possible rate cuts in the last meeting.
The shares of retail stocks including Lowe’s, Kohl’s Corp, and Best Buy closed lower, as the retailers warned about the possibility of a slowdown in discretionary spending heading into the important holiday period this week.
Nvidia reported robust third-quarter results and announced stronger Q4 guidance, as AI-led chip demand bolstered growth in its high-margin data center business. The report was announced after the closing bell on Tuesday.
The key US stock market indexes, the Dow Jones Industrial Average (DJIA) and S&P 500 Index declined by 0.18% and 0.20% respectively, while the tech-heavy Nasdaq was down by 0.59% on Tuesday.
European Stock Market Indexes Updates
European stock market indexes closed marginally lower on Tuesday, as the Hawkish comments from both the Bank of England (BoE) governor and European Central Bank (ECB) president have dampened optimism of any rate cuts soon. Investors also remain cautious ahead of US Fed minutes of the last meeting and their focus shifted to the central bank due to a lack of corporate results and economic data released on Tuesday.
The pan-European Stoxx 600 index closed lower by 0.1% after a muted day’s trading and a flat session on Monday, with retail stocks gaining the most, up by 0.7%, while auto stocks fell by 1.6%. The key European stock market indexes, CAC and DAX closed lower by 0.24% and 0.01% respectively, while the UK’s FTSE was down by 0.19%
Indian Stock Market Indexes
Indian stock markets snapped a two-day losing streak and closed higher on Tuesday. The markets opened higher amid positive cues from Wall Street overnight. However, the upside remained capped, as Asian markets were not favorable, and some cautiousness ahead of the US Fed minutes, which were due later in the day.
The market breadth was positive with the advance decline indicating a ratio of 3:2 at the close. Foreign investors were net sellers in the Indian equity cash segments, they offloaded shares worth Rs 455.59 crore, while DIIs were the net buyers they bought shares for Rs 721.52 crore on Tuesday.
Stock Market Today
Gift Nifty is trading slightly higher at 19862 level. The indication from the US markets is negative, while cues from the Asian markets are slightly positive at this moment. Indian stock markets are likely to open slightly higher and will trade positively in most of the session.
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