Trade Setup for Wednesday: Stock Market Today (27 Dec 2023)

 

Trade Setup for Wednesday

 

Trade Setup for Wednesday, 27 Dec 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, as more traders returned from the Christmas holiday. Japan’s Nikkei is trading higher by 1.24%, gaining more than 29% so far in 2023. Australia’s S&P ASX 200 index up by 1.02%, hit its highest level since late April 2022.

South Korea’s Kospi is trading lower by 0.27%. The Shanghai index is trading flat note, while Hang Seng is trading higher by 1.03%, as traders are back on the trading floor after a long weekend. The Straits Times and Taiwan are trading higher at 7.10 am IST.

 

U.S. Stock Market Indexes Updates

 

The US stock market indexes started the last trading week of the year positively, hoping the Federal Reserve will start reducing the interest rates early next year. All the major indexes ended higher in the light trading session after the Christmas holiday. The S&P 500 index closed higher at its highest level since January 2022. 

Interest rate-sensitive mega-cap shares and chip stocks led the gain. Energy stocks also gained due to a rise in crude oil prices amid the Red Sea vessel attack. The sentiments remain positive as Friday’s economic data indicates inflation is easing down to the Fed’s 2% target. Meanwhile, the Treasury yields continue to remain steady below 4% on Tuesday.

The Dow Jones Industrial Average (DJIA) and S&P 500 Index gained 0.43% and 0.42% respectively, while the tech-heavy Nasdaq Composite Index was up 0.54% on Tuesday.

 

European Stock Market Indexes Updates

 

European markets were closed on Tuesday, 26 December 2023

 

Indian stock markets

 

Indian stock markets closed higher for the third consecutive day on Tuesday. The equity benchmarks opened on a mixed note amid subdued Asian market cues. The sentiments turned positive after a few minutes of trading and later traded traded in the green terrain. 

The market breadth was positive with the advance decline indicating a ratio of 2:1 at the close. Foreign Institutional investors (FII) were the net sellers in the Indian equity cash segment, they sold shares worth Rs 95.20 crore while Domestic Institutional Investors (DII) were net buyers, they bought shares worth Rs 167.04 crore.

 

Stock Market Today

 

The cues from US markets are positive overnight, Asian markets are mostly trading in the green on Wednesday. Gift Nifty ended higher by 31 points on Tuesday and is trading slightly higher at 21543 level. The indication from the Gift Nifty is positive today. Indian stock market indexes are likely to open higher and trade positively.

 

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News you should read before the trade setup for today, 27 Dec 2023

 

On Tuesday, according to the data released  Reserve Bank of India (RBI) India’s current account deficit (CAD) narrowed to $8.3 billion in the second quarter of 2023-24. The data showed that the CAD in July-September amounted to 1.0% of the country’s GDP.

 

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Happy Investing!!

Editor’s Desk