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.