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Monday, December 2, 2019

KSE 100 Index - 40,000 Benchmark Breaks! - Update 02 Dec

Inline with our prediction made on 1, Dec ( link here ) market honored its first resistance at 39800 +/- 100 points in a touch and go manner and breaking through it at second attempt to unleash an intraday bull run. Index sustained a strong closing above its first band of weekly channel top at 40000 points. Looking forward, we maintain bullish outlook on the market but also cautious of its highly saturated state. Correction is expected ahead and once again patient investor will be provided an opportunity to accumulate on dip. 

In event of sustaining a close above 40500 +/- 100 points, index may retest its 52 weeks high once again in the range of 41300 - 41700 +/- 100 points respectively. 

Expected support levels in event of dip are 39800 - 38000 +/- 100 points. We notice that support levels have dipped lower as compared to Week 48 closing, which is a signal for possible correction ahead.

We keep our expectation open on both side and watch the market with eagle eyes for investment opportunities. 

Maintain trailing stop on long position to book timely profits. 

We wish you a happy and profitable trading ahead!