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Markets may open gap down on negative global cues

Indian markets may start the first trading session of August series on a dismal note following negative cues prevailing in the global markets. The SGX Nifty, which was trading at 9,992, down by 80 points, indicating a gap down opening for the local benchmark indices.

Now, going forward, Nifty50 has support placed in the region of 9,920-9,930, and if this support is breached, the next support is seen at levels of 9,880 and 9,840. On the way up, the level of 10,100-10,120 will act as a key resistance zone for the Nifty50.

Key results for the day: L&T, LIC Housing, Equitas Holdings, India Cements and Oberoi Realty.

Back home, Indian shares pared early gains to settle near neutral line on Thursday, after touching records highs earlier in the day.  HDFC surged more than 5%, followed by Yes Bank and HDFC Bank.

The US stocks ended on a mixed note on Thursday, with the Nasdaq and S&P 500 pulling back into negative territory, while the Dow Jones Industrial Average ending at a record close. The Dow ended at 21,797, higher by 86 points. The Nasdaq Composite Index closed down by 41 points at 6,382. The S&P 500 edged down 2 points to 2,475.

Asian stocks are trading in a negative terrain in early trade on Thursday. Japan’s Nikkei 225 has slipped 98 points. Hong Kong’s Hang Seng has shed 113 points and China’s Shanghai Composite has lost 7 points.