Week began with the limited activities from foreign and local investors, but on Thursday massive buying recorded from foreign investors, but wasn’t manage to sustain, as last session was high on selling.
Over all index gained 1.84% WoW, and the volumes appreciated around 14% WoW basis. The total move was 689 points reflecting the volatility of the market.
Rising inflation figures and hike in power tariff are the major threats in current scenario, as we are already going thru the aftermath of the budget in face of new taxation with the investor’s hesitation for its implications.
Cement and Oil attracted investors this week, at least the blue chip companies manage to participate in daily volumes. There are few more fundamental developments in pipeline to drive the market.
Market Expectation
Market provided enough room for bears to play around in coming sessions, but remember the last week behavior ensuring the positive future for market. Yes currently we can see the pressure, only trading over 9,682 can bring some confidence to bulls and sustaining over 9700 will give strength, for early birds 9,661 - 9,651 is crucial. In current scenario some of the levels got the ability to respond with quick bounces, which will enable the intraday traders to book quick returns.
Buy recommended around 9562 - 9534 with stop loss 9500, short close to 9,692 with stop loss 9,718. 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. The developments in ongoing discussions between the KSE and government will play the vital role in strengthening the trend.
Never forget the exit point, which will give you fair chance of cheaper buying.
That’s why we recommend TRADING ON LEVELS
We also offers Scrip Analysis with buy Calls on daily basis
Key Levels
9,946
9,853
9,763
9,691
9,661 - 9,651
9,561 - 9,534
9,472
9,392 - 9,372
9,292
Source: NCCPL
Foreign Investors Activities
14th - 18th June, 2010
Net Buy USD $ 4,937,965
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.
