News Desk
 
 
On Track
May 8, 2017 09:40
 
After completing the 38.2% Fibonacci retracement of 46,048 to 50,304 rise at 48,678 level, the index has registered a strong recovery. We maintain a bullish stance on the index where strength above 50,300 level will explore new highs above 50,886 level —setting initial gaze towards 52,112 level. Immediate support around 49,418 level is seen absorbing any selling pressure. Continue to prefer Banks, Insurance, OMCs, Refineries & Utilities. Trading plays include MCB, TRG, FCCL, SHEL, PSO, TPL, ATRL, TREET, HASCOL, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: GHGL, FABL, PSMC, PAEL, INDU, FML, THALL, MTL, BAFL & HCAR

13-day Laggards: PSEL, FEROZ, NESTLE, SEARL, POL, IBFL, BATA, IDYM, ARM & BNWM
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The Coast Is Clear
April 21, 2017 09:17
 
Recent market action (volume, trend and momentum) suggests an end to the 12-week minor correction / consolidation phase. The KSE 100-index seems all set for initial stride towards 50,300 and 53,000 levels with support clustered between 48,187 and 47,778 levels seen absorbing any selling pressure. We continue to prefer Banks, Insurance, OMCs, Refineries & Utilities. Preferred plays include MCB, TRG, FCCL, SHEL, PSO, TPL, TREET, HASCOL, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: HASCOL, SSGC, PSMC, PAEL, PMPK, PPL, POML, FEROZ, PIOC & GHGL

13-day Laggards: ISL, EFUG, BNWM, CJPL, NCL, FATIMA, FML, PAKT, GLAXO & MCB
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Early To Call A Bottom
April 20, 2017 09:57
 
A high volatile session was witnessed yesterday where the index after falling 826 points (46,048 level) in the early trade recovered sharply to hit a high of 47,715 level (841+ve) towards the session end. High volatility shows investors anxiety which is normally seen near the market extremes, but its early to call a bottom as minor correction / consolidation mode remains in place below 48,757 level. Inner resistance around 47,871 level is seen neutralizing immediate recovery attempt. A relapse below 46,436 level can deepen the correction towards 45,312 and 44,115 levels. Investors are advised to accumulate Banks, Insurance, OMCs, Refineries & Utilities on such weakness as primary direction remains bullish. Preferred investment plays include MCB, SHEL, PSO, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: HASCOL, PMPK, SSGC, HCAR, INDU, PSMC, PPL, PAEL, POL & FEROZ

13-day Laggards: BOP, NCL, CJPL, FATIMA, ISL, GLAXO, JDWS, FABL, ENGRO & FFC
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Correction Mode
April 17, 2017 09:34
 
Market remains trapped in a minor correction / consolidation mode with falling daily momentum readings. Immediate resistance clustered between 47,871 and 48,529 levels is seen keeping the upside on check. A relapse below 47,420 level can expose weakness towards 45,627 level. In worst case scenario, the correction may deepen up to 45,627 and 44,115 levels. A sustained break above 49,214 level is required to suggest an end to the consolidation phase and refresh the bullish progression for new highs. Investors are advised to accumulate Banks, Insurance, OMCs, Refineries & Utilities on dips as primary direction remains bullish. Preferred investment plays include MCB, SHEL, PSO, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: PMPK, MARI, FEROZ, SSGC, PAEL, PPL, ABOT, SEARL, INDU, NESTLE & PSEL

13-day Laggards: BOP, NCL, RFOODS, CJPL, NML, FABL, AICL, ENGRO, BNWM, NBP & IDYM
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In A Correction Mode
April 3, 2017 09:32
 
Market is trapped in a minor correction / consolidation mode below the 21-day average (48,863) where relapse (close) below 48,100 level can explore possibility of deeper correction towards 47,420 and 45,627 levels. Immediate resistance is clustered between 48,529 and 48,757 levels. On the upside, a break above 49,214 level is required to suggest an end to the consolidation phase and refresh the bullish progression. Investors are advised to accumulate Banks, Insurance, OMCs, Refineries & Utilities on dips. Preferred investment plays include MCB, SHEL, PSO, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: ASRL, PMPK, MARI, JLICL, EFUG, MEBL, IBFL, JSCL, PAKT & SNGP

13-day Laggards: KEL, SSGC, POML, EFOODS, HASCOL, IDYM, COLG, RMPL, AKBL & FABL
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Not Out Of The Woods Yet
March 28, 2017 09:35
 
The index is finding difficulty in gaining foot-hold above the 21-day average (48,961 level). Market remains in a minor correction / consolidation mode below 49,822 level where relapse below 48,100 level can explore possibility of deeper correction towards 47,420 and 45,627 levels. Immediate resistance is clustered around 49,214 level. On the upside, strength towards 49,790 level is required to suggest an end to the correction / consolidation phase and refresh the intermediate bullish trend towards 53,051 level. Investors are advised to accumulate Banks, Insurance, OMCs, Refineries & Utilities on dips. Preferred investment plays include MCB, SHEL, PSO, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: ASRL, COLG, JLICL, BOP, FML, SNBL, SPWL, MEBL, PSEL & EFUG

13-day Laggards: KEL, SSGC, PPL, TRG, HMB, MARI, UBL, OGDC, PSO & POL
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Reclaiming Averages
March 3, 2017 10:52
 
By way of a gap-up candle, the index managed to gain foot-hold above the 21-day average (49,384) yesterday. The strength is pointing at 50,313 level which at best may stretch up to 51,653 level. This view will remain valid till 8th March only. Immediate supports reside around 49,485 and 48,974 levels. A closing break below the later support will expose lower lows below 48,146 level. Preferred investment plays include MCB, SHEL, PSO, HTL, AICL, SNGP, SSGC, STCL, SEPL, KEL & LOTCHEM.

13-day Leaders: IDYM, ASRL, PGF, MTL, CSAP, SNGP, PAKT, SSGC, JLICL & BWCL

13-day Laggards: FML, NPL, NCPL, NCL, DAWH, ISL, AKBL, PMPK, HASCOL & SCBPL
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Easing Momentum
February 27, 2017 10:26
 
The index is placed below the key 21-day moving average (49,451 level) with easing daily momentum readings. Immediate resistance clustered between 49,214 and 49,768 levels is seen keeping the upside on check. A relapse below 48,529 level can expose deeper correction towards 47,420 and 45,627 levels. A sustained closing break above 49,893 level is required to explore new highs above 50,886 level. Preferred trading plays include MCB, SHEL, PSO, AICL, SNGP, SSGC, STCL, KEL & LOTCHEM.

13-day Leaders: ASRL, JLICL, SHEL, IDYM, SNGP, SSGC, BWCL, PIOC, SRVI & NESTLE

13-day Laggards: JSCL, ISL, AKBL, PTC, TRG, NPL, NPL, EFOODS, FEROZ & FML
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Defying Gravity
December 15, 2016 09:20
 
Despite heating daily momentum readings, the benchmark KSE continues to march higher. With any downside seen cushioned by supports clustered between 45,270 and 44,525 levels, the bullish trend may extend up to 46,767 and 47,692 levels. A three-day closing break below 43,774 level will terminate the bullish progression and induce near-term correction. Preferred trading plays include PPL, OGDC, PSO, SHEL, ENGRO, PAEL, NBP, MCB, IGIIL, AICL & KEL

13-day Leaders: MARI, PMPK, ICI, NATF, IDYM, POL, LUCK, MEBL, ASRL & MTL

13-day Laggards: SSGC, BOP, NCL, FML, HASCOL, PAEL, ARM, FFBL, SHFA & OLPL
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Bullish Trend Continues Amid Heating Momentum
December 13, 2016 09:20
 
The bullish trend continues amid heating daily momentum readings. Expect continuation towards 46,767 level with immediate support placed around 44,525 level. A three-day closing break below 43,774 level will terminate the bullish progression and induce near-term correction. Preferred trading plays include PPL, OGDC, PSO, SHEL, ENGRO, PAEL, NBP, MCB, IGIIL, AICL & KEL

13-day Leaders: IDYM, NATF, BWCL, ASRL, IGIIL, MARI, LUCK, ICI, SRVI & DGKC

13-day Laggards: SSGC, SNGP, BOP, HASCOL, JSCL, PAEL, PICT, COLG, CPPL & TRG
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Resistance Expected Around 43,497 Level
November 14, 2016 09:08
 
The index can extend its rally up to 43,497 level (valid for 3 sessions only) rising in wave v to complete the bullish cycle for minute wave 1. Immediate support resides around 42,678 level. A relapse below 42,171 level would terminate the bullish sequence and expose short-term correction in wave 2.

General Outlook: According to our preferred Elliott wave count, the index striding in the fifth primary degree wave has attained first objective of 42,159 level. This wave can stretch beyond level 45,000 level with any minute correction seen neutralized by a strong cluster of supports between 37,432 and 34,511 levels. It is advised to keep enough liquidity to accumulate positions on such correction. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: ISL, SSGC, ICI, MTL, MLCF, FABL, FCCL, PIOC, NCL & IBFL

13-day Laggards: MUREB, COLG, CPPL, BNWM, PAKT, GHGL, OLPL, HUBC, HUMNL & OGDC
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Breakdown From Rising Wedge Likely
October 25, 2016 09:10
 
The benchmark KSE slid 1.06% yesterday towards the lower boundary of rising wedge pattern which has been worrying me recently. Expect pressure building towards 40,688 and 40,070 levels with nearby resistance levels placed around 41,070 and 41,306 levels.

Trading Picks Include PSO, HUMNL, NRL, FFC & EFERT

General Outlook: According to our preferred Elliott wave count, the index is striding in the fifth primary degree wave possibly scoping for 42,159 level which may stretch beyond 45,000 level. Any minute correction would seek support between 37,432 and 34,511 levels. It is advised to keep enough liquidity to accumulate positions on such correction. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: PMPK, HASCOL, SNGP, APL, NESTLE, GHGL, CSAP, JDWS, BOP & COLG

13-day Laggards: MUREB, OLPL, KOHC, SRVI, BWCL, NATF, FATIMA, FEROZ, PTC & ISL
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Trapped In The Rising Wedge Formation
October 24, 2016 09:18
 
Failing to clear the ascending wedge resistance, the index eased 0.61% on Friday. Expect immediate support around 41,180 level allowing weak inner recovery towards 41,405 and 41,550 levels. We prefer avoid giving any immediate aggressive target awaiting a clear breakout on either side from this pattern.

Trading Picks Include PSO, HUMNL, NRL, FFC, FFBL , EFERT & IGIIL.

General Outlook: According to our preferred Elliott wave count, the index is striding in the fifth primary degree wave possibly scoping for 42,159 level which may stretch beyond 45,000 level. Any minute correction would seek support between 37,432 and 34,511 levels. It is advised to keep enough liquidity to accumulate positions on such correction. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: PMPK, BOP, SNGP, HASCOL, GHGL, CSAP, IDYM, APL, AKBL & PICT

13-day Laggards: MUREB, KOHC, BWCL, OLPL, NATF, MLCF, FATIMA, LUCK, EFUG & SSGC
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Momentum A Concern
September 19, 2016 09:05
 
Continuation of bullish trend is seen headed towards 40,560 level. However, diverging daily momentum readings and lack of leadership from main board stocks questions sustainability of bull trend. On the downside, a relapse below 40,050 level would expose initial weakness towards 39,537 and 39,296 levels. Restrict strategy to intraday trades only / Reduce exposure on strength towards 40,560 level. Trading picks include PTC, TRG, SNGP, LOTCHEM, MCB & HUMNL.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level. Any interim correction (wave (4)) would seek supports around 37,432 and 34,511 levels. Investors are advised to accumulate positions on weakness up to 37,432 and 34,511 levels. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: BOP, GHGL, HCAR, SRVI, SHEL, INDU, TRG, SSGC, NATF & PSMC

13-day Laggards: IDYM, MLCF, KOHC, FML, PAKT, SPWL, DGKC, EFUL, LUCK & PIOC
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The Ball Is Still In The Bulls Court
August 8, 2016 09:14
 
The benchmark KSE continues to ease lower for the fourth consecutive session. The bullish trend is assumed safe above 39,250 level (closing basis) with the 14-day RSI (60.56) above 50% reading. Recovery through 39,687 level would set continuation towards 39,928 and 40,560 levels. Trading picks include OGDC, DAWH, EFERT, SSGC, ICI, KEL, PSO, LOTCHEM & MCB.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level. Any interim correction (wave (4)) would seek support around 34,511 level. Investors are advised to accumulate positions on weakness up to 34,511 level. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: FML, THALL, MUREB, SPWL, SHEL, NCL, SHFA, BAFL, PAEL & CPPL

13-day Laggards: OGDC, PPL, HUMNL, POL, GLAXO, ARM, KAPCO, MLCF, BATA & PIOC
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Pit-Stop
July 18, 2016 09:02
 
Expect support around 39,040 level absorbing any immediate pressure induced from Friday’s Doji session. The short-term bull trend is assumed safe above 38,948 level with active upside objectives of 39,570 and 39,955 levels. Trading picks include PAEL, KEL, PSO, PTC, PKGS, SNGP, MCB & FFBL.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level. Any interim correction (wave (4)) would seek support around 34,511 level. Investors are advised to accumulate positions on weakness up to 34,511 level. Preferred sectors include banks, oil & gas, utilities and textiles.

13-day Leaders: ISL, HASCOL, INDU, SNGP, BNWM, IBFL, PIOC, HCAR, ABOT & IGIIL

13-day Laggards: FML, EFOODS, JGICL, RMPL, KAPCO, SCBPL, OLPL, BAHL, PSEL & COLG
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Regaining Momentum
July 11, 2016 08:58
 
A tweezers bottom marked at 36,825 level can support a move towards 39,380 level with inner resistance placed around 38,404 level. Immediate supports reside around 37,801 and 37,429 levels. Recovering daily momentum readings are supportive of bullish stance. Trading picks include ATRL, ENGRO, NRL, SNGP & BAHL.

General Outlook: According to our preferred Elliott wave count, the index is rising in the fifth primary wave possibly scoping for 42,159 level attainable by the mid of 2017. Any interim correction (wave (4)) would seek support around 34,511 level. Investors are advised to accumulate positions on weakness up to 34,511 level.

13-day Leaders: PAKT, SCBPL, PSEL, NRL, ABOT, DAWH, BATA, ATRL, IBFL & HMB

13-day Laggards: FML, RMPL, JGICL, NML, NCL, HUMNL, IGIIL, PSMC, BNWM & ASRL
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34k Psychological Level Keeping Upside On Check
April 11, 2016 09:09
 
Market’s inability to clear the 34k psychological level amid overbought daily momentum readings hints weakness in upwards momentum. Any immediate weakness towards 33,862 level in our opinion would confirm an immediate top and expose pressure towards 33,742 and 33,547 levels. On the upside, a break above 34,007 level is required to allow minute bullish continuation towards 34,227 level. Preferred trading picks include BAFL, UBL, HBL, MCB, HUMNL & KEL.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: TRG, NESTLE, JSCL, KTML, CHCC, HUMNL, ISL, PTC, HCAR & MLCF

13-day Laggards: MUREB, SCBPL, IDYM, ASRL, EFUG, BOP, JDWS, RMPL, MCB & HBL
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Minor Consolidation
March 28, 2016 09:18
 
Minor consolidation is underway ranged between 33,211 and 32,523 levels. We continue to sight possibility of continuation towards 33,422 level which may stretch up to 33,979 level as long as the index is holding above 32,523 level. On the contrary, violation of this support would put an immediate top which can expose weakness towards 32,123 and 31,478 levels.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: PUNO, CHCC, FML, ACPL, PIOC, EFUL, ARM, FCCL, PPL & PAKCEM

13-day Laggards: FATIMA, PSMC, JSCL, AHCL, EFERT, SCBPL, PIBTL, BNWM, LPL & TRG
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Regaining Momentum
March 18, 2016 09:27
 
Yesterday’s strength indicates resumption of short-term bullish momentum. Expect continuation towards 33,422 level which may stretch up to 33,979 level. Immediate support resides around 32,867 level. Need a break below 32,511 level to turn bearish.

Recent recovery has terminated the intermediate wave (C) fall into a running flat formation (truncated fifth). This completes the Elliott wave correction sequence (A-B-C) for the fourth primary degree correction / consolidation which started from Feb’15 high of 35,055 level. On an intermediate degree, the first leg of correction (wave (A)) was completed at Mar’15 low of 28,648 level which followed an irregular upwards retracement in wave (B) towards Aug’15 peak of 36,471 level. After attaining our minimum downside objective of 30,063 level, truncation of wave (C) has negated the possibility of expanding flat scenario. Moving forward, its early to call that market has entered the fifth primary degree rise as long as the index is placed below 34,511 level. Inner resistance levels are expected around the 50% and 61.8% Fibonacci retracements of wave (C) fall (36,471 to 29,785) at 33,128 and 33,917 levels, respectively. Failure to hit 34,511 level with any subsequent retreat below 32,026 level will explore possibilities of market entering another A-B-C correction sequence in wave (Y) which can expose lower lows below 29,784 level. We continue to prefer a defensive stock selection strategy at present waiting for the confirmation of market entering a sustained primary degree rise.

13-day Leaders: EFOODS, ACPL, FML, PGF, CHCC, SEARL, EFUG, PIOC, TRG & GLAXO

13-day Laggards: ASRL, LPL, FATIMA, PKGP, PUNO, IDYM, BATA, BAFL, IBFL & AHCL
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