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FTSE weakens ahead of the BOE meet

FXStreet (Mumbai) - The UK equity markets are trading in the red ahead of the Bank of England meet, after the index closed up 1.3% in the previous session supported by reassuring corporate reports.

The Ftse is trading 0.28% lower at 6520.80 levels. The index breadth is negative with an advance decline ratio of 30:70. Among the stocks, WM Morrison gained 7.6% despite reporting a sales drop. Moreover, the company has narrowed its forecast range for profit this year. Other top gainers include Sainsbury, Marks&Spencer, Tesco, Experian. Meanwhile, the index is being pressurized by the losses in RSA insurance, Smith&Nephew, Ashtead.

Ftse Technical Levels

The index has an immediate resistance at 6528 (Aug 8 low), above which the prices can rise to 6557 levels. On the other hand, prices can fall to 6480 levels, if the immediate support at 6502 is breached.

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