The Benchmark KSE100 index had succeeded in establishing ground above 46,900opts where a strong horizontal supportive region tried to push index back into positive zone during last trading session and a doji formation was created on daily chart. As of now index have supportive region at same level where it would try to establish triple bottom on daily chart but breakout below this region would call for 46,660pts and 46,200pts. While on flip side index would face initial resistance at 47,380pts where its being capped by a horizontal resistant region and breakout above this region would format a daily morning shooting star and would call for 47,600pts. Daily momentum indicators are still in bearish mode while hourly stochastic and MAORSI have changed their direction towards bearish side once again after a pullback therefore its recommended to stay cautious as a volatile session could be witnessed. It's recommended to stay on long side with strict stop loss of 46,900pts for day trading and it's recommended to adopt cut and reverse strategy on bearish breakout of this region. Overall index would remain under pressure until it would not succeed in closing above 48,065pts on daily chart.
Regional Markets
Australia's Leigh Creek says fertiliser project to become carbon neutral by 2022
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Business News
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Pakistan LNG to provide KE gas for new plant
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Remittances decline by 2pc in July, but still over $2bn
Overseas Pakistanis working around the world sent $2.71 billion last month.The State Bank of Pakistan (SBP) on Tuesday said that this was the second highest level of remittances reported in the month of July.The inflow of remittances continued with over $2bn for the 14th consecutive month.“In terms of growth, remittances increased by 0.7 per cent over previous month and showed a decline by 2.1pc over the same month last year,” said the SBP.The central bank said this marginal year-on-year decline was largely on account of Eidul Azha, which resulted in fewer working days in July compared to the same month last year.
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