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FTSE gains

FXStreet (Mumbai) - The UK equity markets have gained strength today tracking the rise in the other European equity markets.

The Ftse is trading 0.84% higher at 6248.10, after hitting a high of 6266.10 earlier in the day. The index is being pushed higher by a rally in the Industrial Transportation, Auto parts, Oil and Gas, and healthcare equipment stocks. The Oil and Gas stocks are trading 1.77% higher tracking a modest recovery in the Crude oil prices. Meanwhile, the healthcare stocks are up 2.16%, while the banking stocks are up 1.45%. All sectors are trading in the green except the aerospace and defense stocks which are trading down by 3.05%.

The rally witnessed today is more of a corrective move after the sharp fall witnessed throughout this week. Moreover, the European indices are trading higher today on hopes that the ailing economy would push the policy makers to provide more stimulus measures.

Ftse Technical levels

The index has an immediate resistance of 6294 (Oct 10 low), while the immediate support is located at the day’s low of 6187. Meanwhile, the daily RSI stands at 29.50 levels.

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