Morning Market Brief 22nd Sep . 2021

The Benchmark KSE100 index had witnessed some serious waves of volatility during last trading session and at day end index closed below its major supportive region of 46,200pts. Meanwhile index had taken correction of its last bearish rally in first half and then fulfilled expansion of that correction in same day. As of now it's being caged inside a triangle on weekly chart and trying to establish ground above supportive trend line of this triangle but it needs to sustain above 45,500pts till weekend otherwise a bearish breakout of this triangle would take place which may push index towards 43,500pts in coming week. For current trading session it's recommended to stay cautious because index seems to open with a negative gap but later on an intraday recovery could be witnessed if it would succeed in establishing ground above 45,750pts but breakout below this region would call for 45,550pts and 45,450pts. While on flip side in case of bullish recovery index would face initial resistance at 46,270pts where its being capped by a strong horizontal resistance region along with a descending trend line and breakout above this region would call for 46,450pts and 46,620pts. Today's closing below 45,750pts would give bearish breakout of a strong supportive trend line which may change market direction for short term basis.

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