Morning Market Brief 8th Sep . 2021

The Benchmark KSE100 index had continued its bearish journey during last trading session and tried to recover from bearish sentiment before day end after getting support from a descending trend line on hourly chart but it closed below its major supportive trend after three months on daily chart. As of now it seems that index may continue its bearish expansion towards 46,570pts and 46,400pts while breakout below these regions would call for 46,050pts. It's expected that index may show some volatile moves during current trading session therefore it's recommended to stay cautious. Today's closing in negative region would attract more selling pressure in coming days and index would lose strength which may call a sharp bearish rally. On flip side index would face initial resistance at 47,060pts which would be followed by 47,200pts and 47,350pts in case of bullish pull back. Being strong supportive region 46,700pts would try to play a vital role and index may show some recovery signs but it's recommended to wait for a confirmation of reversal pattern before initiating new long positions because if index would face rejection or fail to recover this time then bearish rally would be much faster than previous ones.

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