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Wednesday, November 20, 2019
May Day at KSE 100 - Update 20 NOV
Inline with our early warning issued on 18 & 19-Nov, market finally let some steam out and dipped for correction, closing more than -526 points in negative. Major event today was T-Bill auction of 256.03 billions, which caught up this time with its tradition of pulling capital away from equities market making banks and mutual funds as key sellers of the day.
KSE-100 opened at slight upwards trend hitting yesterdays intra-day support of 38500 points as today's resistance and then slipped downwards all day until hitting its expected intra-day support of 38000 +/- 100 points. Totally expected!
Looking forward, we expect KSE-100 to approach its first intraday support at 37200 - 36800 +/- 100 points, but there will be no surprise if it manages to reverse before hitting key support due to strong buyer's interest.
The Stock Master Team
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