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FTSE 100 RISES AMID CHINA SUPPORT MEASURES - Capital Street FX

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    • FTSE 100 RISES AMID CHINA SUPPORT MEASURES
17-Feb
18:55 IST

FTSE 100 futures are currently trading at 7,384.2-higher by 0.36% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the Cash Markets, the FTSE 100 added 0.35% to 7,434.71 at the time of writing. The broad-market index rose today after two consecutive sessions of losses.

The FTSE 100 rose today as China’s moves to offset the economic impact of the pneumonia-causing virus eased investors’ concerns.

All sectors except two were trading in the green at the time of writing.

Index component NMC Health inched up 0.13% after falling more than 3% earlier in the session as the company said its founder B.R. Shetty has resigned as a non-executive chairman.

The number of reported new cases of the China-linked virus in the Hubei province advance today after declining for two consecutive days.

The People’s Bank of China today lowered the interest rate on its medium-term loans as it seeks to safeguard the economy from the impact of the virus.

London’s main index closed in negative territory in the last week, while its European peers posted the third week of gains.

The FTSE 250 midcap index advanced 0.19% at the time of writing.

Stocks of mining giants were mostly trading in positive territory at the time of writing. Antofagasta and Anglo American added 0.94% and 0.79% respectively at the time of writing.

Homebuilders were trading mixed on Monday. Taylor Wimpey added 0.13% while Barratt Developments lost 0.092% at the time of writing.

On the data front, the Claimant Count Change for January is scheduled to be released on Tuesday. The Count Change is expected to rise to 22.6K from 14.9K in the previous month.

On the technical front, the RSI is currently at 47.11% and suggests that the market can move in the upward direction. The current price is below the MA5. The %K has crossed the %D from below to the upside at around 20% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Buy at 7380. Take Profit at 7422. Stop Loss at 7360

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