Morning Market Brief 23rd Sep . 2021

The Benchmark KSE100 index had recovered after expansion of its last bearish correction and it seems that this recovery phase may continue towards 45,960pts initially and breakout above this region would call for 46,250pts. As of now hourly momentum indicators have changed their direction towards bullish side therefore it seems that index would continue its pullback during current trading session and index would try to retest its previous supportive regions as resistant ones during current trading session therefore it's recommended to avoid short selling and start buying on dip with strict stop loss for day trading. Overall sentiment would remain bearish until index would not succeed in closing above 46,060pts initially and current pull back would be considered as correction of last bearish rally until index would not succeed in closing above 46,250pts. On flip side in case of rejection from its resistant regions index would start sliding downward and initial supportive region is standing at 45,250pts where a horizontal supportive region would try to pump some fresh volumes but breakout below this region would call for 45,000pts and 44,875pts. For short term trading swing strategy between 46,500pts and 45,200pts could be beneficial because breakout of either side would change market direction.

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