Trade Setup For Thursday 23rd Jan 2025, Key Factors

Trade Setup for Thursday 23rd Jan 2025: Asian stock markets are trading mixed on Thursday, as investor’s focus now shifted from Trump to a series of economic data that are expected later in the day. Australia’s market index S&P/ASX 200 is trading lower by 0.39%, while Japan’s Nikkei is up by 0.52% at 7.30 AM in India.

South Korea’s Kospi erased most of yesterday’s gain, trading lower by 1.03%. South Korea’s economy expanded by 1.2% YoY in the fourth quarter, recording its slowest expansion since the second quarter of 2023. Hang Seng and Shanghai bounced back and are trading almost 1% higher after a sell-off seen in the previous session.

US Stock Market Updates

The US stock market indexes closed higher on Wednesday, with Nasdaq gaining the most. At the same time, the S&P 500 hit a fresh all-time high, as IT shares such as Oracle and Nvidia rallied after President Donald Trump unveiled the plan on Artificial intelligence.

The key benchmark, the Dow Jones Industrial Average (DJIA) closed flat positively, while the S&P 500 and Nasdaq were up by 0.61% and 1.31% respectively on Wednesday. The strong earnings from Netflix also boosted investor’s sentiments in the US markets.

European Stock Market Updates

European stock market indices mostly closed in the green on Wednesday. Germany’s DAX hits a fresh record high as the sportswear Addidas rallied 6% after the company announced that its sales grew 19% in the fourth quarter.

The pan-European Stoxx 600 index closed 0.39% higher on Wednesday. Meanwhile, the UK’s FTSE ended marginally lower, as the government declared the highest budget deficit recorded for December in four years. Across European equities, household goods, industrials, technology, and insurance sectors led the market with more than 1% gains on Wednesday.

Indian Stock Market Updates

Indian stock markets closed higher on Wednesday after a sharp rally witnessed in the last hour. The strong Q3 earnings supported the market sentiments. Barring the IT index, all other sectoral indices closed in the red.

The Nifty IT index gained 2.14% to 42590.70 after US President Donald Trump’s optimism about AI. The Nifty index closed above the 23,150 mark after hitting the day’s low of 22,981.30 in the afternoon session on Wednesday.

Today’s Market View- Trade Setup

On Wednesday, the Nifty has taken support around 23000 levels. The intraday support is placed at 22950 while resistance is at 23250 mark. Overall market is under bearish to neutral mode with bias still on the heavy cautious side for the day.

The BANKNIFTY index showed some buying interest at lower zones on Wednesday after the HDFC Q3 result announcement. It has support at 48400 while resistance is at the 49000 mark.

Gift Nifty is trading marginally lower at 23134, indicating a flat opening today.

Q3 Earnings Today

UltraTech Cement, Dr Reddy’s Laboratories, Hindustan Petroleum Corporation, Indus Towers, United Spirits, Adani Energy Solutions, Adani Green Energy, Cyient, Greaves Cotton, Indian Energy Exchange, KFin Technologies, Mankind Pharma, Mphasis, Sona BLW Precision Forgings, Spandana Sphoorty Financial, Suryoday Small Finance Bank, Syngene International, Tejas Networks, Thyrocare Technologies, Ujjivan Small Finance Bank, V2 Retail, and Zee Entertainment Enterprises and others will announce their quarterly earnings on Thursday.