628 replies to this topic

[Amin Khan]

Resistance at 12,435 level - ‘Sell on Strength’

Another range bound session was witnessed at the local bourse with the KSE-100 index ending up at 12,369 level - a gain of 52 points. Volumes remained low at 46mn shares versus 55mn shares traded a day earlier. The RSI has shown an improvement, while the Stochastic Oscillator has maintained its declining trend and the MACD is on the verge of generating a sell signal suggesting a neutral to bearish view. Any rise from here will be restricted by the double top at 12,425 level. Moreover, the Bollinger bands have furthered narrowed down indicating consolidation ahead. It is therefore suggested to continue with a ’Sell on Strength’ strategy, keeping stoploss above 12,435 level. The support and resistance are lined up at 12,318 and 12,421 levels, respectively.
(JS)

[Amin Khan]

Resistance likely to be taken out

Rising from the support defined at 12,300 is reflective of underlying endurance as well as an appetite for absorbing pressure; thus making this level an inner pivotal area. On the other hand, the already known resistance area of 12,450 remains firm but could potentially be taken out early next week, hence opening up room towards 12,555 - 12,600.
(BMA)

[Amin Khan]

KSE100Index 12,361|High 12,411|Low 12,306|Change -7|Value USD 23mn|Vol 29mn

Equities continue to be plagued by dwindling volumes and lethargic activity as market remains devoid of any major triggers. Most major participants refrained from taking major positions as they await the result of meeting between KSE board and SECP on 22nd of this month to discuss changes in MTS rules and relaxation for individual investors. Engro PA was under pressure yet again as issues regarding its gas supply restorations till remain unresolved. Activity in blue chips remained dull as volumes were dominated by second tier stocks.

Market is currently starved for triggers and is likely to remain range bound in short term. With individual stocks taking their due corrections and market holding on to its trend, we expect that market will likely resume its upward trend soon. Top Picks remains POL, OGDC, FFC, NML
(Elixir)

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Closing Note
Friday - Jun 17, 2011 | 18:12:32

KSE 100 Index opened at 8 plus points and remained positive for an extended period, taking a low of 63 points (12,306) in the first session and high of 42 plus points (12,411). The market generated a volume of 28.8 million shares, with All Index closing at a volume of 47.6 million shares. The market closed 7 points minus (12,361) The sectors at the top were Banks, Chemicals and Oil & Gas: – SILK, LOTPTA and PPL proved to be the principal movers of these sectors. SNBLR1 (6.01mn), LOTPTA (3.3mn), and FCCLR (3.2mn) reach the epic among the volume movers. 77 companies stood positive, 148 stood negative and 109 firms remained at no change.
(AKD)

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[Amin Khan]

[Mansoor1]

Amin bhai ........... Sir jee I really appreciate ur efforts for sparing lot of time to keep TM updated and helping and replying all queries. Jazak ALLAH

[Amin Khan]

Throwback: Hold with risk below 12100
Tuesday - Jun 21, 2011 | 09:30:22

The benchmark KSE slipped 1.58 percent, or 195.33 points yesterday to settle at 12165.98 level, with turnover of 39.29mn shares against 28.83mn shares exchanged on Friday. By way of an extremely weak line, the market lost control of its minor averages and settled just above the 12100~12125 breakout area (risk/support). In the process, the index completed the 50 percent retracement of recent rise from 11840 to 12435 at 12137. With present location above 12100, we stay short-term bulls on the index focusing 12569~12650 area. A close under said support would expose risk for weakness to 100-DMA (11969) and further towards March 20 low of 11840. Traders are suggested to hold, with risk defined at close below 12100. Preferred Stocks: PSO, POL, PPL, NBP, LUCK, AICL and PTC.
(AKD)