Morning Market Brief 6th Sep . 2021

The Benchmark KSE100 index had tried to establish ground above supportive trend line and created a hammer on daily chart which opened doors for a morning shooting star for current trading session but momentum indicators are still in bearish mode and today's closing below 46,760pts would fuel bearish sentiment for short term basis. Meanwhile major supportive trend line which is trying to provide ground against bearish pressure since last two months is standing at 46,760pts for current trading session therefore it's expected that index may show some volatile behavior during current trading session in this region. Some fresh and healthy trading volumes are required for a pull back from this region but if index would not succeed in maintaining above this region till day end today than it would start sliding downward in coming days towards its next expansion levels which fall at 46,500pts and 46,200pts. Meanwhile index had continued its bearish journey during last trading session towards expansion of its last bearish correction on hourly chart, currently hourly momentum indicators are still bearish and these indicates that index would try to target its 61.8% expansion level which falls at 46,830pts. It's recommended to stay cautious because daily and hourly both momentum indicators are in bearish mode daily candle stick formation may try to format a morning star if index would succeed in closing above 47,180pts till day today. irrespective of last week' bearish pressure index is still standing above its major supportive regions therefore it can be said that index is trying to attract buyers but it's recommended to post strict stop loss at 46,760pts as this region would react as a pivotal value. On flip side in case of bullish pull back index would face initial resistance between 47,065pts-47,180pts which would be followed by 47,380pts and 47,600pts.

FBR holds meeting with real estate associations to discuss progress on FATF requirements