KASB Securities Limited and Economics Research- The Keystone – Equities
Karachi, March 05, 2013 (PPI-OT): KSE-100: Adjustment phase likely to continue
Formation similar to a shooting star witnessed on Friday triggered an adjustment cycle which is trying to find support at around 18,080.
According to KASB Securities Limited if the aforementioned fails to hold, pressure towards 17,964 – 17,876 can be seen. -
There is not much respite from indicators which are hovering in overbought territory and showing sluggish behaviour.
Analysis and Overview:
Post carving a formation similar to a shooting-star, KSE-100 witnessed a minor adjustment in the previous session. Important support level for now resides at 18,080 which if breached could extend current adjustment phase towards 17,964 – 17,876. Observation of indicators also signals that for now bulls do not have much room to manoeuvre till a positive price action takes out resistance defined in between 18,260 – 18,310. That being said, KASB Securities Limited advises to play in select stocks on weakness such as NBP, NML, NCL, BAFL and AICL.