Aggravated Bears activity recorded in Karachi Stock Exchange

Morning Call for Friday, 22nd Jan, 2010

Khalid Saifuddin
Safely Invest

Aggravated Bears activity recorded in Karachi Stock Exchange.
Market closed at last bouncing support may see some bounce from here.

Right from the beginning Market was under control of bears, bulls found helpless all day. Started with some early morning selling which elevated fear in traders and end up with lot of negative points. Once the given support worked and pushed back the bears, but bulls wasn’t able to sustain their power and bears got their control back.
The immense selling pressure changed the overall trend of the market, but I see a hope around 9,728, this level has the weaker ability to push back the bears, but unfortunately 9,789 has the strong resistance where the bears can possibly push the bulls back into depression.
Still lack of buying noticed from local and foreign institutions.
It is recommended to add selective scrips on supports; the current supports are 9,647 and 9,562
I still recommend profit taking, before we go further down, Banking and Insurance can play positive role tomorrow, fertilizer and Oil can be the supportive sectors for index.

For further assistance, precise key levels of any KSE Scrip you can contact our office @ 0213-432 2359 or 0345-276 8680 or write us @ safelyinvest@gmail.com