Current View on Karachi Stock Exchange

KSE-100: –Profit taking still not over - Hold your positions
Do not loose Hopes, but if selling continuous below 9,101 then get out
Bulls initiated with the power as market started, but later on lost their control in front of Bears exactly from our 2nd resistance level. Market still got the inflow of USD 6,185,301 but the mutual fund observed selling around USD 4,985,279. Still market did not reached around my getting out call, as bull manage to hold 9,137 by supporting. As indicated in my last call to stay away from banking; banks are only recommended if you see your target buy price.
Now the Thursday is very important to evaluate the status of our portfolio, though market already took comfortable points for its intraday correction, with allowing the traders for profit taking. Trading below 9067 will take market under complete control of bears; I wish market would not see more then 50 negative points during trade.
It is required to have some bullish activities on Thursday to stay in the channel; I guess market will able to decide its trend today. The political and economic development may bring some buying. Unfortunately the local institutions are feared of buying; in fact it is good time for specially institution for having their focus buying.
Intraday traders must follow the key levels for their trading, and the focus buyer look for their target buying they might get some of the scrip around their target price.
Key Levels for Today will be:
9,360
9,315
9,276
9,230
9,185
9,145
9,101
9,067
9,020
8,987
8,922

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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.