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FTSE 100 futures are currently trading at 7,408.3-higher by 0.55% as compared to the previous closing. The contract has been closing in the positive territory since the last four trading sessions.
In the Cash Markets, the FTSE 100 added 0.39% to 7,425.94 at the time of writing.
The broad-market index today was tracking its fifth consecutive session of gains due to progress made in phase one trade deal talks and better than expected earnings reports from companies.
The benchmark index earlier today touched its highest level in more than five weeks.
The rally is also supported by a 7% gain in Marks & Spencer. The company had said on the previous day that it was planning to improve second-half trading.
The Bank of England has released its interest rate decision earlier today. The central bank has decided to keep the interest rates unchanged at 0.75%. The interest rate decision was in line with market expectations.
According to market sources, foreign private equity firms are leading 512 billion dollars on the London Stock Exchange to take advantage of undervalued UK businesses.
The Chinese commerce ministry said earlier today that Washington and Beijing have agreed to cancel in Phases the tariffs imposed during their months-long trade dispute.
Index-component Hiscox plunged 16.49% after bearish actions from brokerages Jefferies and JP Morgan. Stocks of the insurer were also on track for their worst day since June 2016.
BHP Group inched up 0.27% after it said it was unaffected by sanctions on Chinese state-owned group Cosco.
Homebuilders outperformed today with Taylor Wimpey gaining 0.42% and Barratt Developments rising 1.04%.
The midcap index FTSE 250 was up 1.03% at the time of writing.
On the economic front, Halifax House Price Index (YoY) for October released earlier today came in at 0.9%. The index change was below the market expectation of 1.6%.
On the technical front, the RSI is currently at 63.8% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Buy at 7404. Take Profit at 7436. Stop Loss at 7388