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Ftse declines, trades near a technical support

FXStreet (Mumbai) - The UK Equity index, Ftse, is trading lower today tracking marginal weakness in the other European equity markets.

The FTSE is trading 0.38% lower at 6348.80, down from the day’s high of 6375.30. The market breadth is mixed with an advance decline ratio of 49:51. Moreover, the index is trading near crucial support level of 6328, below which a further selling pressure can be anticipated.

The index is being driven lower by Industry metals and mining stocks which are trading down by 2.28%. Meanwhile, the utility stocks and the Drug stocks are down by 0.67% and 1% respectively. On the other hand, the Chemical stocks and the health care equipment stocks have gained by 1.76% and 1.30% respectively.

The Bank of England minutes released today has failed to have a significant impact on the equity markets.

Ftse technical levels

The index is trading few points above the technical support of 6328, breach of which shall open doors for a re-test of 6300 levels. On the flip side, prices may rise to 6400 levels if the day’s high of 6375 is breached.

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