Week started with Corona epidemic triggering worst CY2020 sell off across global equity markets and KSE 100 was not spared. While index has honored its monthly EMA21 as intraday support, we only expect a corrective bounce before bear spell may continue.
As per mention earlier (link here) index did break its lowest intraday support of 38800 +/- 100 with rise in volumes but market capitalization tells a different story.
DoD basis, Market capitalized is headed to worst ever drain off casting fear that bearish spell may return with strong fervor. Looking forward, we only expect the trigger of interest rate reduction by mid of March to provide any relief to the market. Otherwise it will be bear rally all the way to bottom once again.
Expected support and resistance falls at 38800 - 38100 +/- 100 and 40200 - 40500 +/- 100 respectively.
Expected support and resistance falls at 38800 - 38100 +/- 100 and 40200 - 40500 +/- 100 respectively.
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