Karachi 100 (KSE)

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Outlook & Expected Levels For The Coming Session (June 07, 2024)..... The week is coming to end and index is testing critical support zone, which was mentioned as Expected Bottom” in the monthly outlook. This support zone of 73,800 – 73,600 has potential to trigger aggressive short covering based pull. Moreover, on intra-day terms the RSI on Hourly Timeframe is now making a positive divergence and index is having a Falling Wedge formation that is likely to limit the downside now. Hence, we suggest taking buying attempt with limited exposure in the above suggested zone. Resistance of the day is seen at 74,230 followed by 74,600.

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iMemon 1 hour ago

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The Session Wrap Up!!! Bears Recorded Biggest Winning Streak Since January 30 2024 – Index Witnessed 4th Consecutive Session Of Loss..... The previous session’s Three Black Crows pattern kept aggressive bears in control, as index witnessed 4th consecutive session of losses, making it the biggest winning streak for the bears since January 30 2024. During the session, the index was under pressure since start of the session and despite making an intra-day recovery towards 74,593, it came under selling pressure to witness a low of 73,768 before ending the day at 73,862 with a net loss of 356 Points, making it a total of 2015 Points for the current week. Volumes from KSE-100 Index Stocks clocked at a total of 112.75 Million which is not just down by 18.8% from previous session but is the lowest intra-day total since Mid March 2024 and indicates that the corrective pullback has scared away aggressive buyers.

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iMemon Jun 05, 2024 10:38AM ET

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Outlook & Expected Levels For The Coming Session (June 06, 2024)..... Session ending as Three Black Crows formation is further strengthening the bears with deeper correction towards 74,050 – 73,800 range. Noting that, as discussed in previous report, bears seem to have triggered a Hyper Move and in case the index tests 73,800 range, that one can trigger equally aggressive short covering. Hence, for the coming session, some buying at lows cannot be ruled out. Resistance for the day is seen at 74,630 with expected top at 74,800 – 75,050 range.

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iMemon Jun 05, 2024 10:35AM ET

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The Session Wrap Up!!! Bears Scored A Hat-Trick | Index Lost 447 Points To End The Session At Lowest Since Mid May 2024..... The previous session’s Three Insides Down base closing kept pressure in tact, as index witnessed third consecutive session of loss to close the day at lowest level since Mid-May 2024. During the session, the index started on a positive note and posted a high of 74,758 from where bears took control and dragged the index to as low as 74,136 before closing the day at 74,219 with a net loss of 447 Points and at the lowest closing since Mid-May 2024. Volumes from KSE-100 Index Stocks clocked at a total of 138.89 Million which is now just down by 22.4% from previous session but is the lowest total since March 17 2024 and indicates that buyers did not take any chances.

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iMemon Jun 04, 2024 11:35AM ET

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Outlook & Expected Levels For The Coming Session (June 05, 2024)..... Session ending as Three Insides Down formation is suggesting deeper correction ahead with 74,600 – 74,300 range as first bearish target for coming session, while expected bottom is at 73,800 range. Noting that bears seem to have triggered a Hyper Move and in case the index tests 74,300 – 73,800 range, that 500 points band can trigger equally aggressive short covering. Hence, for the coming session, some buying at lows cannot be ruled out. Resistance for the day is seen at 74,880 with expected top at 75,200.

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iMemon Jun 04, 2024 11:25AM ET

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The Session Wrap Up!!! The correction Continued For 2nd Consecutive Session – Index Lost 908 Points To End The Session At Lowest Since May 15..... The previous session’s Dark Cloud Cover formation kept correction in tact, as index lost 908 Points to close the session at lowest May 15 2024. During the session, the index started on a positive note with an intra-day high of 75669 and then fell sharply to as low as 74,592 before ending the day at 74,666 with a net loss of 908 Points. Volumes from KSE-100 Index Stocks clocked at a total of 179.2 Million, which is down by 6.2% from previous session and index indicates that buyers were not interested to make any aggressive move despite intra-day drop by nearly 1000 Points.

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iMemon Jun 03, 2024 10:26AM ET

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Outlook and Expected Levels For The Coming Session (June 04, 2024).... Session ending as Dark Cloud Cover with lower volumes is suggesting breather from bulls and since it is the 3rd rejection from 76,200 zone, it suggest formation of Triple Top. Having said that, it is equally important to note that lower volume total is not posing any threat to bullish momentum, as it only indicates profit taking based breather, not any aggressive selling. This concludes that consolidation is likely to be witnessed, where bulls will be having upper hand as long as index is holding 74,800. The support is seen at 75,280 with expected bottom at 74,800. Resistance is seen at 75,850 with expected top at 76,370.

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iMemon Jun 03, 2024 10:10AM ET

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The Session Wrap Up!!! Bulls Took A Breather – Index Closed With A Pullback By 303 Points Amid Roller Coaster Ride.... The week started on a negative note, as bulls took a breather and index witnessed a pullback by 303 Points after a roller coaster ride. During the session, the index started on a positive note and posted a high of 76,209 and then it witnessed profit taking based pullback to as low as 75,495 before closing the day at 75,575 with a net loss of 303 Points. Volumes from KSE-100 Index Stocks clocked at a total of 190.98 Million, which is down by 60% from previous session and since the day ended as a Dark Cloud Cover, this kind of volume is suggesting that aggressive buyers preferred taking sidelines amid correction.

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iMemon May 31, 2024 3:49PM ET

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Outlook & Expected Levels For The Coming Week (June 03 To June 07, 2024)..... Back to back weekly closings with Long Lower Shadow formations are suggesting that consolidation is likely be seen for sometime, that can keep the index in a thin range. The expected resistance for the coning week is at the range between 76,335 – 76,660 while expected top is at 77,200. On the downside, the support is seen at 75,050 with expected bottom at 74,780.

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iMemon May 31, 2024 3:36PM ET

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The Weekly Session Wrap Up!!! Bulls Took A Breather After 3 Weeks Of Strong Gains – Index Witnessed A Pullback By 104 Points..... The previous week’s Hanging Man based closing played its vital role and restricted the bullish momentum, as index witnessed a corrective pullback by 104 Points. During the week, the index started on a negative note and witnessed a low of 74,585 from where the bulls made a come back and took the index to as high as 76,187 before closing the week at 75,878 with a net loss of 104 Points. Volumes from KSE-100 Index Stocks clocked at a total of 807.2 Million, which is not just down by 28% from previous week but is the lowest weekly total since 1st Week of April 2024 and indicates that choppy ride kept aggressive buyers aside.

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