PSX Daily Market Review 29 Sep. 2016

The Bench Mark KSE100 Index Opened at 40294.38, posted day high of 40467.91 and day low of 40207.26 points while session suspended at 40355.02 points with net change of 60.64 points and net trading volume of 192.10 million shares. Daily trading volume of KSe100 listed companies dropped in creased by 6.45 million shares or 3.47% on DOD bases.

The Bench Mark KSE100 Index was moving in an upward price channel on daily and weekly charts but right now it have penetrated its daily chart in bearish direction. Its also capped by a resistant trend line on Daily Chart which can push it back from 40879 points while first suportive region after this pullback would be 40113 points and second one would be 39336 points. On bases of Technical Analysis its not recommended to intiate massive new buying at PSX as its expected that it can start a correction from upcoming 400 points, but right now some selective shares are looking attractive as they already have completed their corrections and they will support index from massive crash during correction so new buying could be initiated in only selective shares. PAEL, BYCO,DGKC, ENGRO and FFBL are lookig attractive on current prices as they already have completed their corrections.

On Weekly Chart KSE100 Index have generated a bearish evening star which is a caution call for bullish trend. KSE100 Index have completed its bullish Elliot Wave and right now its ready for a pull back of 50-61% of its last bullish rally which would be called a correction during that move it will try to complete its three corrective moves.

Major International Indices closed with a mixed trend during last trading session. NIKKEI and HANG SENG have started in negative trend today while FTSE Closed in negative zone during last trading session. KSE100 Index is in bullish trend since last two trading sessions but today this bullish trend seems to halt.