Week successfully closed above 47000+/-300, our indicated critical resistance level. The mid-May to mid-June bullish rally has been very well honored. The bulls are ready to charge with plenty of space but slow on motivation. We may see short-term exhaustion as bulls sit down for a rest before they can begin charging again. All major support and resistance levels are marked on the chart below.
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Sunday, May 30, 2021
Monday, May 24, 2021
Long Eid holidays, academic assignments, and health issues together make a recipe for keeping one extraordinary busy. But once again, here we are with the latest outlook on the bourse for next week. There is no need to re-write the obvious and we cut the red tape and land directly on the topic. Catch up from our several past updates, the rally is on perfectly in the mid of May-June 2021 - well played!
Monday, May 3, 2021
Bears roasted a special steak party on Friday as the index unexpectedly lost over -600 points intraday amid a change of trading hours. Overall week losing observed a loss of -444 index points or -0.99%. Which is slightly lower than the week before that. The index has retained itself below the pivot point therefore it remains bearish. 43800 +/- 300 is major support that may render a weak bounce. We expect the market to show some positive recovery between mid-May to mid-June, most probably on post-Ramadan re-opening. All major support and resistance levels are marked on the chart below.
The average weekly market cap once again dropped by -24.66 Bn/PKR but when compared to the index point drop, the losses are really meager. Which signals are bottom out soon but the pressure persis so a wait and see approach is advised.
Financial events which may impact the equities market are MTB and PIB auction on 6-May. OMO injection of 1,622.80 Bn/PKR was on 30-Apr.
Technically speaking, 42800 +/- 300 is proving to be a firmly held bottom but overall bears refuse to surface. The major trend remains side ...
The week started off with the COVID-19 Omicron variant washing global markets into deep red, causing the index to briefly hit its second ma...