Minor Jitters Around The Channel Resistance Short-Term View: Despite minor selling around the upper line, short-term bullish theme is presumed safe within a rising channel, with the upper and lower lines placed around 22,599 and 21,743 levels, respectively. Continue to scope for 22,675 — 22,892 levels, while needing a convincing break below 21,981 to go neutral. Additional strength beyond the said target can perpetuate bullishness towards 23,455 level. Preferred picks ENGRO, FFBL, POL, PSO, EPCL, PTC, AICL, UBL and NBP. General View: All the ingredients (momentum, volume and market internals) for continuation of an intermediate uptrend remain intact. On a larger degree, we see the primary impulse striding for 22,740 — 23,682 levels, which can also extend towards 25,000 level. To ride this wave, investors should keep enough room (buying power) for correction up to 20,000 — 19,500 levels. We find strong potential in ENGRO, PSO, PTC, SNGP, MARI, EPCL, AICL, and BOP.
Posted on: Tue, 11 Jun 2013 04:14:38 +0000
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