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FTSE fails to capitalize on a positive start

FXStreet (Mumbai) - The UK Equity market index, Ftse, has erased early gains to trade just marginally higher at the time of writing. Moreover, the underlying tone appears weak as the index is flirting with the yesterday’s low of 6211.64 levels.

The Ftse is trading just 0.06% higher today at 6215.30. The Index is trading almost 1%, down from the day’s high of 6282. The Pharma and Biotech stocks are the biggest losers of the day, down by 1.22%. The Oil and Gas sector is down marginally by 0.07%. The oil sector has been hit hard in recent days due to the slump in the Crude oil prices. Meanwhile, lending support to the index are the Technology and Equipment stocks, which have gained 1.51%. Banking, Food products, and Electricity stocks are all trading in the green.

No major data are due out of the UK today, hence the index is likely to trade in line with the overall sentiment in the global markets.

Ftse Technical levels

The index has an immediate support of 6211 levels, below which prices can fall to 6185 levels (June 2013 low). On the flip side, the index can rise to 6340 levels if the prices breach the resistance level of 6282.

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