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The blue chip FTSE 100 index started the week with increased strength, however, many investors remained cautious and the early gains were reversed leaving the blue chip index down 0.32% on the session. 

On the negative side of the ledger JD Sports experienced a decline in its stock value following a report by Sky News that Applied Nutrition, a sports supplements manufacturer partially owned by JD, is making arrangements for a £1bn London stock market launch. Revolution Beauty has reached an agreement with its former CEO. Sky reported that Applied Nutrition, based in Liverpool, has been holding discussions with investment bankers in recent weeks regarding a potential listing in the autumn. Sources in the financial industry informed Sky over the weekend that Deutsche Numis is among the contenders to play a role in the initial public offering, which could be one of the largest in the UK this year.

Vodafone's stock has dropped by 1.2%, making it one of the top losers on London's blue-chip index. The company reported a significant slowdown in growth in Germany for the third quarter, with service revenue growth decreasing to 0.3% from 1.1% in the second quarter. However, the overall group service revenue growth for Q3 was 4.7%, with a smaller decline in Spain helping to offset the weaker contribution from Germany. Regulatory changes in Germany are expected to create uncertainty for operations in the region. Vodafone also stated that they are in "active discussions" about a deal in Italy and reiterated their full-year forecast, expecting broadly flat adjusted core earnings and adjusted free cash flow of around 3.3 billion euros ($3.55 billion). The company's stock has experienced an approximately 18% decrease in value in 2023.

On the positive side of the ledger National Grid, a UK energy utility firm, saw a significant 2.06% increase in its stock price, reaching 1,062p. This marks the largest one-day gain in almost five months and makes it the top percentage gainer on the FTSE 100 index. Jefferies upgraded the stock from 'hold' to 'buy' and raised its price target to 1,330p from 1,000p. The upgrade was based on increased visibility and potential upside from higher investments in the UK's transmission grid. Out of 18 analysts, 9 rate the stock as 'buy', with a median target price of 1,180p according to LSEG data. Despite a 1.6% year-to-date decrease as of the last close, the stock is showing signs of improvement.

FTSE Bias: Bullish Above Bearish below 7600

• Below 7580 opens 7510
• Primary support at 7382
• Primary objective 7827
• 5 Day VWAP bearish
• 20 Day VWAP bullish 

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