Index has started to post signs of exhaustion a bit earlier than our expectation of 43800 +/- 100 vs 43500 +/- 100 actual hit. A bit off for our taste but within acceptable margin of error. Closing has been consistently lower than opening since 13th of Jan 2020.
|Weekend data points on X-axis are nil.|
Market cap as expected has been critical since it hit 8000+ billion PKR and profit taking has ensued full swing. DoD basis, market cap has been shrinking since the week opening. An upper hand for bears as it demonstrates profit taking.
Looking forward, we expect correction wave to continue with expected first support at 42250 - 41800 +/- 100 points. Presenting an accumulation opportunity to patient investor once again.
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