Exhausted Bulls in a bullish Market - Karachi Stock Exchange

Morning Call
for Wednesday, 20th Jan, 2010


Khalid Saifuddin
Safely Invest


Market started with the positive activities and handsome volumes, during the trade bulls were able to test the 10,000 level, but wasn’t able to sustain around it.

Overall activities were bullish and it is observed that the traders regaining the confidence to be a part of the ongoing trend.

With all these bullish activities bulls also recorded sign of exhaustion, and later we saw some profit taking.

Market moving up in a low bandwidth, which is keeping bulls under a certain range. Lack of interest recorded from local and foreign institutions, local investors were also shy of holding their positions.

Trading and closing below 9,932 may bring some selling pressure, on the other hand 9,976 is still a critical level for getting out of 10,000 barrier

I wish market would not trade below 9,885, breaking this level will elevate the selling pressure and hit the regained confidence of the investors.

Market’s outlook is fabulous for near term future, but here it is fair to do remaining profit taking and find out the next level for entry. Holding some scrip is still profitable.



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