Trade setup for Friday 30 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 Friday. Japan’s Nikkei is trading lower by 0.58 percent as the latest data showed the core inflation data remains above the central bank’s target for 13 consecutive months.
The Shanghai index is trading higher by 0.18 percent, as the manufacturing activity data for June was in line with the market expectation, though it was in a contraction for the third straight month. Hang Seng and Kospi are also trading higher by 0.04 percent and 0.31 percent respectively at 7.20 am IST.
SGX Nifty is trading higher by 59 points or 0.31 percent and at 18209 levels. The indication getting from the Asian stock markets is positive. The Indian stock market indexes are likely to open at new record highs and trade positively on the last day of the first half of the year 2023.
U.S. Stock Market Indexes update
The US stock markets ended higher on Thursday as shares of banks, industrials, and other companies sensitive to economic conditions rallied after fresh data showed that the US economy is growing. The banking stocks rallied after the Federal Reserve’s stress test, which showed they are strong enough to survive even if there is a recession.
The final GDP growth data for Q1 came at 2%, much higher than the economist forecast of 1.4% and compared to the earlier estimation of 1.3%. The weekly Jobless claim data has declined the most since 2021. The signs of economic growth have sharply lifted the Treasury yields in the hope that Fed would start hiking interest rates.
Tech stocks were under pressure as Treasury yields jumped on Thursday. Meanwhile, energy stocks were higher due to a rally in oil majors including Exxon Mobil and Occidental Petroleum after Warren Buffett’s Berkshire Hathaway increased its stake in Occidental. The key US stock market indexes Dow Jones and S&P 500 gained 0.80 percent and 0.45 percent respectively, while tech-heavy Nasdaq closed flat to negative.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Thursday, as investors remain cautious after the policymaker’s signaled more rate hikes in the ECB central bank forum on Wednesday. Spain’s inflation rate fell 1.9% in June, its lowest since March 2021. Spain is the first eurozone economy where inflation fell below the ECB’s set target of 2%.
Retail stocks in the euro area gained the most, as H&M advanced around 18% after the Sweden-based fashion retailer posted a better-than-expected second-quarter profit. The pan-European Stoxx 600 index ended higher by 0.1 percent on Thursday.
The key European stock market index, CAC closed higher by 0.36 percent while DAX closed flat to negative, down by just 0.01 percent. The UK’s FTSE ended lower by 0.39 percent on Thursday.
Indian Stock Market Indexes
Indian stock markets closed higher on Wednesday amid positive global cues. The markets were closed on Thursday, 29 June 2023 on account of Bakri Id. Sensex, Nifty, and Bank Nifty hit fresh record highs and closed near the day’s high on Wednesday.
The market breadth was quite strong with the advance decline indicating a ratio of 3:2 at the close. FIIs were the net buyers, they bought Rs 12350 crore worth of shares while DIIs offloaded shares worth Rs 1021.01 crore on Wednesday.
Note:– With Upstox Options Strategy Builder, you can create an option strategy. You can also try the ready-made options strategy for Free. Click here to Open Free Trading and Demat Account and get Life Time Demat AMC Free with Flat Rs 20 Brokerages
If you like the “Trade Setup for Friday 30 June: Stock Market Today” please share it with others.
You may also like to read, Nifty and Bank Nifty Prediction for Friday 30 June 2023
Asian markets trade higher despite US Fed’s hawkish comments
Happy Investing!!
Editor’s Desk
