Morning Call for Wednesday 11th, Nov, 2009

Morning Call for Wednesday 11th, Nov, 2009

By:
Khalid Saifuddin
Updated: Nov, 10th, 2009

KSE-100 - Pressure, Pressure and Pressure
Market is in immense pressure, volumes were squeezed, in fact we do not see any new economic disaster right now, though we are surviving under the past and present economic crisis along with the political uncertainty. Well in my weekly report I warned that any negative trading on first day of week can add more selling pressure and this happened.
Now I do not see much of support immediately, but the last hope will come if the market get any kind of support around 8765 and trade all day above this level, that might give some sigh of relieve to the depressed and feared investors.
Daring actions required by the mutual funds and volume buyers, but again unfortunately it is observed that Mutual fund recorded sell of USD 2,804,668 and foreign investor’s portfolio also followed by selling USD 1,622,768.
I tell you guys if the 8,765 level not honored then we will be having roller coaster rides and this time these are in down trend.

Key Levels
9,098
8,983
8,916
8,844
8,793
8,765
8,675
8,530

I do not recommend any trade for now

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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.