Karachi 100 (KSE)

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The Session Wrap Up!!! Roller Coaster Ride Continued – Index Witnessed A Loss Of 250 Points.... The previous session’s Doji kept index in choppy and indecisive price action, as index witnessed a net loss of 250 Points after swinging between suggested support and resistance. During the session, the posted a high of 75,513 and then fell to as low as 74,835 before ending the day at 74,956 with a net low of 250 Points. Volumes from KSE-100 Index Stocks clocked at a total of 183.5 Million which is up 15.4% from previous session and indicates that some buying was carried out at lower levels, as 39 Million or as much as 21% of the day’s total was generated when index fell to as low as 74,835 region towards the end of session.

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iMemon May 21, 2024 9:55AM ET

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Outlook and Expected Levels For The Coming Session (May 22, 2024).... The session ending as Doji formation suggests that index is likely to enter consolidation phase, where range bound price action can be seen for a few sessions and this can hurt volumes. However, Bulls have overall advantage above 74,300, which suggests that there is no threat of any aggressive selling or bearish reversal, as long as index is holding itself above 74,300. For the coming session, the range between 74,885 is seen as first support followed by expected bottom at 74,300 where aggressive short covering as well as fresh buying interest cannot be ruled out. On the upside, the range between 75,385 & 75,6000 is likely to act as resistance.

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iMemon May 21, 2024 9:49AM ET

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The Session Wrap Up!!! Bulls Recorded Another Victory Amid Choppy Price Action – Index Ended With A Net Gain Of 122 Points..... Despite previous session’s Bearish Deliberation Block based closing, the bulls recorded another victory, as index recorded a net gain of 122 Points. During the session, the index started with an upper gap and posted a high of 75,482 and then witnessed intra-day pullback to as low as 74,958 before ending the day at 75,206 with a net gain of 122 Points. Volumes from KSE-100 Index Stocks clocked at a total of 159.5 Million, which is up by 12.8% from previous session and suggests that buyers made some moves.

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iMemon May 20, 2024 10:02AM ET

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Outlook & Expected Levels For The Coming Session (May 21, 2024)..... The session ending as Bearish Deliberation Block with lower volumes suggests breather from bulls. However, there is no threat of any aggressive selling or bearish reversal, as long as index is holding itself above 74,300. For the coming session, the range between 74,780 is seen as first support followed by expected bottom at 74,300 where aggressive short covering as well as fresh buying interest cannot be ruled out. On the upside, the range between 75,780 & 76,050 is likely to act as resistance.

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iMemon May 20, 2024 9:51AM ET

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The Session Wrap Up!!! Bullish Momentum Stalled – Index Witnessed A Corrective Pullback By 258 Points..... The bulls took a breather, as index witnessed a corrective pullback by 258 Points, amid roller coaster price action. During the session, the index started with an upper gap and posted a high of 75,618 from where it witnessed corrective pullback ad fell to as low as 74,734 before closing the day at 75,084 with a net loss of 258 Points. Volumes from KSE-100 Index Stocks clocked at a total of 141.35 Million, which is not just down by 25% from previous session but is the lowest total since April 02 2024 and indicates that aggressive buyers were not convinced for making bigger moves.

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iMemon May 19, 2024 7:05AM ET

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Outlook & Expected Levels For The Coming Week (May 20 To May 24, 2024).... The weekly closing above 75,280 indicates that index has moved above the consolidation phase that triggers a new breakout and establishes a target zone of 76,050 – 76,230 for coming week. While, top for the week is seen at 76,950 – 77,050 range. Having said that, it is important to note that the index is constantly posting new highs but RSI on both Daily & Weekly timeframes is not moving inline with the price and this concludes that negative divergence is in place and suggests that Risk Management will be the appropriated action, instead of getting overexposed. Support for the week is now tilted up at 74,900 – 74,390 range, while expected bottom is at 73,500.

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iMemon May 19, 2024 6:58AM ET

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The Weekly Session Wrap Up!!! Bulls Pulled Index Out Of Upper Channel Consolidation – Index Ended The Week With Another All Time High Closing.... The bulls continued marching aggressively on charts and pulled the index out of consolidation formation, as index ended the week with another all time high based closing. During the week, the index started with yet another upper gapped opening and once again it maintained the gap and posted a high of 75,401 before ending the week at 75,342 with a massive weekly score of 2256 Points. Volumes from KSE-100 Index Stocks Clocked at a weekly total of 1.177 Billion, which is down by 15.6% from previous week and indicates that aggressive buyers were not convinced for making bigger moves.

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iMemon May 16, 2024 9:13AM ET

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Outlook and Expected Levels For The Coming Session (May 17, 2024)..... The back to back closings with Doji formation are suggesting indecision and consolidation, which usually hurts the volumes, as neither the bears not the bulls are able to find a breakout. This choppy price action is likely to continue in coming session as well. The support is seen at 74,700 with expected bottom at 74,300. Resistance is seen at 75,070 with expected top at 75,300 – 75,350 range. Noting that the level between 75,300 – 75,350 is the level where 200% extension of Fibonacci Calculation from December 2023 high of 67,093 and January 2024 low of 59,191 is lying, which can trigger profit taking. While, inconsistency in volumes and Negative Divergence in Daily & Weekly RSI are still points of concern that suggest Risk Management instead of getting overexposed.

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iMemon May 16, 2024 9:08AM ET

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The Session Wrap Up!!! Consolidation Continued For Second Session – Index Closed With A Net Gain Of 266 Points Amid Roller Coaster Ride..... After a brief pause in the previous session, the bulls made a comeback as index recorded a net gain of 266 Points to close the day at yet another al time high. During the session, the index remained stuck in a thin range, where neither bulls were able to break above 200% Extended Fibonacci level of 75,350, nor the bears were able to keep pressure below 74,400, as index posted a high of 75,029 and then closed the day at 74,930 with a net gain of 266 Points. Volumes from KSE-100 Index Stocks clocked at a total of 170 Million, which is not just down by 32% from previous session but is the lowest intra-day total since March 19 2024 and indicates that indecisive price action kept aggressive buyers on benches.

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iMemon May 14, 2024 10:02AM ET

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Outlook and Expected Levels For The Coming Session (May To May 15, 2024)... The session closing above 74,100 suggests that bulls have negated the indications of a Hyper Move and that paves path for the next target range of 74,950 – 75,350, where 75,350 is the level where 200% extension of Fibonacci Calculation from December 2023 high of 67,093 and January 2024 low of 59,191 is lying, which can trigger profit taking. While, inconsistency in volumes and Negative Divergence in Daily & Weekly RSI are still points of concern that suggest Risk Management instead of getting overexposed. Support is now tilted up at 74,120 with expected bottom at 73,600.

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