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.
aoa acripts k buy sell levels kahan dekh sakty samaj nai ari ??
ReplyDeleteSo its buy on dip now?
ReplyDeleteMarvelous analysis.
ReplyDeleteI really love your analysis.
It's amazing
Expecting bounce from here but as you mention will be short lived.
ReplyDeleteNice analysis brother..
Bearish unless pivot is surpassed or must pass the previous high at 47k to be bullish?😁
ReplyDeletefrom where market can rebound
ReplyDeleteVery useful and informative info for market move expected in mid may till mid june
ReplyDeleteThanks master for valuable analysis.
ReplyDeleteGreat work
ReplyDeleteAs per blog i think wait and watch strategy seems best
ReplyDeleteBlog has given a clarity of direction for investing
Nice
ReplyDeleteamazing
ReplyDeleteMarket will go up and will go down but one thing is for sure that Allah has blessed u with tremendous knowledge.
ReplyDeleteAccumulation can made near 43800 for good profit
ReplyDelete