A bit disappointment as index failed to show respect for the independence day and closed in the red. But overall behavior is within our expectations as per the previous post. Looking forward we may see the same whiplash behavior for the next few sessions before stability is found. As long as index retains its correction within the pivot zone, bulls dominance is assured. An earlier than expected recovery is a bonus!
Major support, pivot, and resistance are updated as follows. We won't dig into intraday and minor levels as they happen to bring a lot of noise and our trading strategy has always been centered around the major trends.
Support: 38300 +/- 200
Pivot: 39300 - 40000
Resistance: 40700 +/- 200
Despite profit taking and correction wave, daily capitalization remained afloat above the previous week average and the weekly average closed with the gain of +57.18 billion/PKR. This demonstrated that investors remain confident at buying the dip and net market inflows kept a positive momentum.