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Wednesday, November 13, 2019
The Decisive Hour: 38000 Points. Yay or Nay?
KSE100: Market behaved inline with our expectations posted on 12th Nov. Major event today was PIB Auction which has typically caused outflow of capital from stock market. However, it failed to make a dent today. Market whipsawed in its support zone and then surged to closed above its intraday resistance of 37100 +/- 100 points.
Another encouraging trigger was market turning to positive YTD growth after a long time.
Since market is approaching its saturation point, looking forward we should expect a choppy rally towards its next major resistance of 38000 (+/- 100 Points) points. Aborted uptrend may trigger panic selling which will lead to deep correction downwards and an opportunity for patient investor to accumulate further. Edit:
Interim resistance lies at 37500 (+/-100) and support lies at 37100 (+/-100)