Equilibrium: Short‐Term: Previous two diminutive candles above 27,031 support level depict balance between the demand and supply forces —neutral. Relapse below the aforementioned support would extend the downwards adjustment towards 26,795 level. On the upside, recovery through 27,289 level would resume the bull trend towards 27,443 and 27,692 levels. We maintain a bullish stance above minor averages, targeting 28,047 level. Buy on weakness. General Outlook: After termination of downwards correction (wave iv), benchmark KSE is rising in the fifth wave (marked as v) of bullish impulse started from Oct’13 low of 21,476 level, with possible target of 29,039 level where the index would complete the 161.8% projection for the third cycle degree wave. Key short-term supports reside around 27,031 and 26,402 levels. Accumulate on weakness up to 26,402 level. Preferred plays include ENGRO, PSO, AICL, PTC, SNGP, PAEL, NRL, EPCL, AKBL, FABL and BOP. 13-day Leaders: PSMC, JVDC, AKBL, SHEL, PAKT, SNBL, PSO, MUREB, EFUL & THALL 13-day Laggards: FML, NBP, NCL, JSCL, GHGL, DAWH, PSEL, NIB, NML & JDWS
Posted on: Mon, 17 Mar 2014 04:03:06 +0000
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