Britain's FTSE steadies near 4-1/2 year highs

LONDON Mon Jan 28, 2013 1:40pm IST

LONDON (Reuters) - Britain's benchmark share index was flat on Monday, steadying near its highest level in four-and-a-half years although some technical indicators suggested its recent rally may peter out in the near term.

The blue-chip FTSE 100 index .FTSE was roughly flat at 6,284.71 points by 0805 GMT, having gained 0.3 percent on Friday in a move that had pushed the index up to its highest level since mid-2008.

However, the FTSE 100 is now at a level where it was in "overbought" territory, according to technical analysts, which some traders may use as a sign to sell and book profits on equities in the near term.

The FTSE 100's relative strength indicator (RSI) is currently at 81 points - above the 70 point level which shows that an index is in technically "overbought" territory.

(Reporting by Sudip Kar-Gupta; editing by Simon Jessop)

INTERNAL SECURITY

REUTERS SHOWCASE

Setback For Sahara

Setback For Sahara

Supreme Court defers verdict on Sahara plea to raise more debt on hotels  Full Article 

SpiceJet Crisis

SpiceJet Crisis

SpiceJet says fleet grounded on lack of fuel  Full Article 

Drug Patents

Drug Patents

Novartis sues Cipla over respiratory drug Onbrez   Full Article 

Boost for Tata Steel

Boost for Tata Steel

Tata Steel restarts key iron mines amid shortage  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

India Outlook

India Outlook

ADB trims growth forecasts for developing Asia, says India to grow 5.5 pct in 2014  Full Article 

Real Estate

Real Estate

HDFC to raise $500 mln real estate private equity fund - sources  Full Article 

Banking Sector

Banking Sector

Japan banks to bulk up India presence on improving ties   Full Article 

U.S. Spending Bill

U.S. Spending Bill

Obama signs bill $1.1 trillion government spending bill  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage