KSE-100 took a corrective dip slightly earlier than our predicted resistance of 35500 +/-100 (vs 35253 actual high). The deviation was influenced by global equities sell-off and fall of -10% in oil prices. On the lower side, day closing breached the first support of 34800 +/- 100 which could play out two possible scenarios. An intraday correction taking support from 34100 +/- 100 and posting recovery during the second half or a harder correction taking support at 33600 +/- 100 on a closing basis.
The last trading day of the week saw a drop of -86.60 billion/PKR in intraday capitalization possibly due to profit-booking, but overall weekly average gained +75.32 billion/PKR - a positive sign.
Looking forward, we expect the market to keep trending strongly with the usual course of correction taking place where due. But caution must be exercised as ambitious T-bill and PIB auctions will expose it to the risk of a capital drain. Preserve your profits with a sensible exit strategy or stop loss. T-Bill and PIB auction calendar is found here.
Looking forward, we expect the market to keep trending strongly with the usual course of correction taking place where due. But caution must be exercised as ambitious T-bill and PIB auctions will expose it to the risk of a capital drain. Preserve your profits with a sensible exit strategy or stop loss. T-Bill and PIB auction calendar is found here.
Nicer
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ReplyDeleteDoes that mean we are about to see new lows? There's a lot ot speculation that this dip is temporary and market can bounce back to a 36000 level too.
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