Morning Call for Thursday, 21st Jan, 2010

Morning Call for Thursday, 21st Jan, 2010

Khalid Saifuddin
Safely Invest

Prominent sign of profit taking observed in Karachi Stock Exchange.
Lets the Bulls have some rest Folks

Market started with some early morning selling which was later turned into vibrant upside move where the traders participated with excitement and manage to test 10,000 barrier, but wasn’t able to sustain around it.
Given levels worked perfectly, market was bounced twice from the given S-1, and failed to sustain on third hit.
As I told you yesterday breaking and closing below 9,932 will bring selling pressure and it did, now the overall sentiment of the market is changing, no matter it tested 10,000 today.
As indicated the sign of bulls exhaustion recorded yesterday, and the same thing continues today. Minimum interest recorded from local and foreign institutions, local traders were in selling too.
9,976 still performed critically today, I am still optimistic as bears weren’t able to break 9,885 and bulls manage to close around 9,907 which was S-2 in our given levels.
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.
Buying around 9,860 with the stop loss of 9,810 is highly recommended. Holding some scrip is still profitable.

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