Volumes were real low as the most of the volumes picked up by the low price shares, investors specifically targeted their buying in funds.
Most institutional buying attracts local investors, but these days investors were not attracted of their buying.
The blue chip companies were silent with minimum interest observed from investors, analyst expecting this behavior to continue in next sessions.
Future Outlook:
Market began with pressure and limited activities which remained all day, bandwidth of market squeezed because of low volumes, no dare found in intraday traders today.
Market likely to continue its lack luster activities in coming sessions, currently market moving range bound, despite of the limited activities and low volumes, market is not indicating any serious threat of downslide, we can see couple of strong supports to keep market inside its range.
The target buyers may get opportunity of cheap buying, fundamentally most of the companies are strong enough to hold, Cement, Oil, Banks and Fertilizers got the potential to attain attractive gains from here.
Trading over 9,661 – 9,651 can bring some confidence to bulls and trading over 9,717 - 9,696 will give strength.
Buy recommended around 9561 - 9534 with stop loss 9510. The second good buy will be close to 9,392 followed by the final exit around 9,365.
Breaking 9,372 will be threatening for investors.
It is recommended to place limits for your target buying, intraday traders may not get chance of multiple entries.
We caution you to stay calm and focus on your target price for Long/Short.
That’s why we recommend TRADING ON LEVELS
Key Levels
9,946
9,867
9,771
9,717 - 9,696
9,661 – 9,651
9,561 – 9,534
9,472
9,392 – 9,372
9,292
Source: NCCPL
Foreign Investors Activities
21st June, 2010
Net Buy USD $ 3,342,708
Disclaimer: This commentary, news or key levels are not a recommendation to buy or sell, but rather a guideline to interpret the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. We accept no liability whatsoever for any loss arising from any use of these levels. However the author DOES NOT GUARANTEES the accuracy of information provided on this report and is NOT RESPONSIBLE FOR ANY ERRORS AND/OR OMISSIONS.
