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Karachi, June 20, 2013 (PPI-OT): Short‐Term View: In a follow through of recovery from the 50 percent retracement of 20,917 to 22,881 ascent at 21,899 level, index can stride towards 22,449 — 22,484 levels.
According to AKD Securities, attainment of said range would confirm a short-term base in 22,043 — 21,846 for further strength towards 22,878 and 23,517 levels. On the contrary, in case of a relapse below 21,846, the index can slide towards the deeper 61.8% retracement at 21,667 level, which in AKD Securities’ opinion would be the last line of defence for the short‐term bulls. Preferred scrips ENGRO, POL, PPL, PTC, AICL, UBL and NBP.
General View: All the ingredients (momentum, volume and market internals) for continuation of an intermediate uptrend remain intact. On a larger degree, AKD Securities see the primary impulse striding for 22,740 — 23,682 levels, which can also extend towards 25,000 level. To ride this wave, investors should keep enough room (buying power) for correction up to 20,000 — 19,500 levels —coinciding with the cloud support. AKD Securities find strong potential in ENGRO, PSO, PTC, SNGP, MARI, NRL, EPCL, AICL, and BOP.