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Updated on: Friday, July 23, 2021, 09:16 AM IST

Markets could open flat to mildly higher; Asian markets trade mixed

Bombay Stock Exchange | File

Bombay Stock Exchange | File

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Markets could open flat to mildly higher, in line mixed and rangebound Asian markets today and mildly higher US markets on Thursday.

"Nifty is expected to open flat to positive at 15820 , it will face strong resistance in 15830 to 15880 range. Yesterday Nifty was up by 200 points on lower than expected volume. Traders looking for going longs should wait for Nifty to close above 16000 levels and all longs should be exited if Nifty breaks 15580 levels on closing basis, said Gaurav Udani, CEO and Founder, ThincRedBlu Securities.

Indian equity markets jumped sharply after a three-day fall following a bounce in the global markets and return of risk appetite. The Nifty scored the biggest one day gain in 2 months. Nifty finally closed with a gain of 1.23 percent.

Deepak Jasani, Head of Retail Research, HDFC Securities.Nifty is on the cusp of the downgap area formed on July 19. If this down gap is filled and we move above 15883, then the path to further upmove opens up towards the 15915-15962 band.

Zomato to be listed today

Zomato, one of the leading food services platforms in India in terms of food sold, will list on the bourses today. Experts suggest the stock could list at a price of more than Rs 100 per share, i.e. more than 30 percent premium over final offer price of Rs 76.

Asian markets trading mixed

Shares in Asia-Pacific were mixed in Friday morning trade as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Bloomberg News reported that Beijing is considering harsh penalties on ride-hailing giant Didi.

The Dow Jones Industrial Average rose 25.35 points or 0.07 percent to close at 34,823.35, the S&P 500 gained 8.79 points or 0.20 percent to end the day at 4,367.48 and the Nasdaq Composite added 52.64 points or -.36 percent to close at 14,684.60.

US stocks booked a third straight day of gains Thursday, despite data showing first-time applications for unemployment benefits rose last week, as investors focused on health corporate earnings reports.

Even though many S&P 500 index sectors slipped, gains for several technology heavyweights, including Apple and Microsoft, pushed the index higher and close to a new record.

The Labor Department said initial jobless claims rose by 51,000 to 419,000 in the seven days ended July 17 — the highest level in almost two months. Existing-home sales rose 1.4 percent to a seasonally adjusted annual rate of 5.86 million in June, the National Association of Realtors said Thursday. Compared with June 2020, home sales were up nearly 22.9 percent, though the year-over-year comparisons are skewed by the onset of the COVID-19 pandemic last year. The median sales price of an existing home rose 23.4% year-over-year to a record $363,300.

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Published on: Friday, July 23, 2021, 09:11 AM IST
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