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DAX opens lower

FXStreet (Mumbai) - The German equity index opened lower today in anticipation of a weak German Zew survey due for release later in the day.

The Dax is trading 0.33% lower at 8783.50, pressurized by Consumer stocks which are down by 1.39%. Meanwhile, the Utility, Telecom, and Insurance stocks are down by 0.5% each. Lending support to the index are the Food and Beverage stocks and the Basic resource stocks which are up by 1% each. Retail and Technology stocks too have posted modest gains.

The German stocks may decline if the Zew Economic Sentiment number for the month of October fails to meet the market expectation of a 0 reading. On similar lines, a weaker than expected Eurozone Industrial Production data would hurt the stock prices.

Dax Technical Levels

The Dax has an immediate resistance of 8875 levels, above which the index can test 9000 levels. On the flip side, the Index may extend losses to 8557 levels (May 2013 high), if the support level of 8700 is taken out.

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