Morning Market Brief 14th Oct. 2021

The Benchmark KSE100 index had continued its bearish journey after taking a correction on hourly chart during last trading session and completed its 61.8% expansion of that correction before day end. As of now index is being supported by a descending trend line therefore it's expected that it would try to start a slight recovery on intraday basis after a dip therefore buying on dip is recommended with strict stop loss. Initially it's expected that index would try to establish ground between 43,000pts-42,890pts from where long positions could be initiated with strict stop loss of 42,660pts and index would try to recover towards 43,500pts if it would succeed in establishing ground above this region where it would face strong resistance from a strong horizontal resistant region. while breakout above this region would call for 43,775pts and 43,900pts. Overall index would remain under pressure as long as its trading below 44,500pts.

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