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FTSE marginally lower from day’s high

FXStreet (Mumbai) - The UK equity markets have erased part of their gains after opening higher today, taking cues from the Asian and the US markets. The Ftse clocked a high of 6544.5 and now trades marginally lower at 6531.00 levels. Overall the index is up 0.76% today.

Aiding the rally are the Financial services stocks which are up 1.56%. The Auto stocks and the Defense stocks have gained more than 1% each while the banking stocks have gained 0.22%. Meanwhile, the mobile telecom sector has shed 0.67%.

Markets are now eyeing the Bank of England’s upcoming policy statement. No major surprises are expected, hence markets would be more interested in the release of the minutes two weeks later to see if more policy makers are shifting in favor of the interest rate hikes.

Ftse Technical level

Ftse has a resistance of 6563 (high of 7th Oct, 2014), while the immediate support is located at 6528 (low of 8th August, 2014). The Intraday indicators have turned bullish, although the Daily indicators are still in favor of a further sell-off.

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