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Karachi, May 12, 2015 (PPI-OT): Correction Resumes
Short‐Term: Shocking many complacent bulls, the benchmark KSE breached its minor averages through an extremely weak line yesterday to settle around the 55‐day average (32,590).
Immediate support placed within 32,370 — 32,164 levels may allow a temporary relief with limited upside up to 33,000 level. However, the short‐term profile would remain bearish, sighting possibility for weakness towards 31, 572 — 31,350 levels. According to AKD Securities Limited’s observation, market has possibly entered the wave C fall which could drag the index down to much deeper levels. On the upside, a breakout above 34,000 level is required to mitigate the Zig Zag corrective count and consider an alternate scenario.
13‐day Leaders: EFUL, INDU, HCAR, AHCL, SHFA, ABOT, NESTLE, JGICL, PSEL and PSMC
13‐day Laggards: GATM, JSCL, HMB, NATF, KOHC, BATA, BNWM, SNBL, KTML and PUNO