DAX turns negative, Greece concerns weigh

FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened on firmer note with a positive gap of nearly 50 points as traders anticipated upbeat corporate earnings results. However, gains were quickly wiped out and the stocks turned in red as Greece concerns resurfaced hurting investors sentiments.

Currently, the DAX 30 trades lower by -0.81% at 11843 levels, retreating from 12042.80 session highs. The DAX erased gains and keeps losses as a stronger euro continues to drag the export oriented stocks lower. While worries over Greece offset first-quarter earnings reports.

The index is seen trading with a negative market breadth, the advance-decline ratio being 4:26. Banking stocks are seen higher with Deutsche Bank AG, the top gainer up 0.98%, followed by Commerzbank AG which is up 0.89%. On the losing end, Muenchener Rueckversicherungs-Gesellschaft AG is down -1.57% for the second straight session, followed by Allianz SE, losing -1.46%.

DAX Technical Levels

The index has an immediate resistance at 12100. Meanwhile, support is seen at 11800 levels and 11660 levels.