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CAC declines after a positive start

FXStreet (Mumbai) - The French equity markets dipped into the red after having opened higher tracking similar action in the other major European equity markets.

The Cac is trading 0.67% lower at 4199.30 after opening higher at 4236.70 levels. The index had closed at 42273.68 levels in the previous session. The index breadth today has turned negative with the advance decline ratio of 11:29. Among the index stocks, ArcelorMittal gained 3.44%, while Technip advanced 2.82%. Meanwhile, Credit Agricole stock is down 4.19% after the regulators deemed the French bank less important to the global financial system and reduced the need for extra capital as previously forecasted.

Moreover, the index is being pushed lower by the banking sector, which retreated 2.51%.

Cac Technical Levels

The index has an immediate support at 4180, under which the prices can fall to 4120 levels. On the other hand, strong support is seen at 4220 and 4226 levels.

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