Morning call for Thursday, 12th November, 2009

Morning call for Thursday, 12th November, 2009

KSE-100
Wound is not healed yet – so be careful – buyers do not get excited!
FIPI Outflow USD 4,593,479

That’s true market was in immense pressure and that proved with the negative opening and testing one of our level as a low, and then from there market bounced by the bull power. It is also observed that market resisted twice around the 8844 level and later it breaks with the bull power, and at the end market traded around the level of 8916 and closed on the same after making a high of 8936.
Thanks Almighty the market leave 8765 far behind, so this is the healthier sign for right now, but traders do not get excited, because market still got the sign of high volatility and this may hurt your stop losses, Let me tell you folks that some panic selling recorded by the foreign investors around USD 4,593,479 just for today so be careful, I am still not believing the stability of the trend.
Trading positive all the day (Thursday) may give some strength to the buyers; high volatility will still be the issue with the remaining selling pressure.
Still lot of hard work required for attacking the level of 9150 and breaking this level may increase the volumes also.
Most of the discounted scrip is in early Bullish phase, market will be ideal for day traders, profit taking must be your main concern today. Specific Scrip selection is required.

Key Levels
9,152
9,105
9,035
8,988
8,958
8,902
8,806
8,765


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Disclaimer: This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting 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.