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Karachi 100 (KSE)

Karachi
Currency in PKR
Disclaimer
73,038.56
-824.37(-1.12%)
Delayed Data

Karachi 100 Discussions

KSE100 Update.... Either 71900 or 70800 Is next Expected Support ... 70800 Is,Major one..... If Either of the 2 held, Target can be 77200 to 77600
Outlook & Expected Levels For The Coming Session (June 07, 2024)..... The week is coming to end and index is testing critical support zone, which was mentioned as Expected Bottom” in the monthly outlook. This support zone of 73,800 – 73,600 has potential to trigger aggressive short covering based pull. Moreover, on intra-day terms the RSI on Hourly Timeframe is now making a positive divergence and index is having a Falling Wedge formation that is likely to limit the downside now. Hence, we suggest taking buying attempt with limited exposure in the above suggested zone. Resistance of the day is seen at 74,230 followed by 74,600.
The Session Wrap Up!!! Bears Recorded Biggest Winning Streak Since January 30 2024 – Index Witnessed 4th Consecutive Session Of Loss..... The previous session’s Three Black Crows pattern kept aggressive bears in control, as index witnessed 4th consecutive session of losses, making it the biggest winning streak for the bears since January 30 2024. During the session, the index was under pressure since start of the session and despite making an intra-day recovery towards 74,593, it came under selling pressure to witness a low of 73,768 before ending the day at 73,862 with a net loss of 356 Points, making it a total of 2015 Points for the current week. Volumes from KSE-100 Index Stocks clocked at a total of 112.75 Million which is not just down by 18.8% from previous session but is the lowest intra-day total since Mid March 2024 and indicates that the corrective pullback has scared away aggressive buyers.
Outlook & Expected Levels For The Coming Session (June 06, 2024)..... Session ending as Three Black Crows formation is further strengthening the bears with deeper correction towards 74,050 – 73,800 range. Noting that, as discussed in previous report, bears seem to have triggered a Hyper Move and in case the index tests 73,800 range, that one can trigger equally aggressive short covering. Hence, for the coming session, some buying at lows cannot be ruled out. Resistance for the day is seen at 74,630 with expected top at 74,800 – 75,050 range.
The Session Wrap Up!!! Bears Scored A Hat-Trick | Index Lost 447 Points To End The Session At Lowest Since Mid May 2024..... The previous session’s Three Insides Down base closing kept pressure in tact, as index witnessed third consecutive session of loss to close the day at lowest level since Mid-May 2024. During the session, the index started on a positive note and posted a high of 74,758 from where bears took control and dragged the index to as low as 74,136 before closing the day at 74,219 with a net loss of 447 Points and at the lowest closing since Mid-May 2024. Volumes from KSE-100 Index Stocks clocked at a total of 138.89 Million which is now just down by 22.4% from previous session but is the lowest total since March 17 2024 and indicates that buyers did not take any chances.
Outlook & Expected Levels For The Coming Session (June 05, 2024)..... Session ending as Three Insides Down formation is suggesting deeper correction ahead with 74,600 – 74,300 range as first bearish target for coming session, while expected bottom is at 73,800 range. Noting that bears seem to have triggered a Hyper Move and in case the index tests 74,300 – 73,800 range, that 500 points band can trigger equally aggressive short covering. Hence, for the coming session, some buying at lows cannot be ruled out. Resistance for the day is seen at 74,880 with expected top at 75,200.
The Session Wrap Up!!! The correction Continued For 2nd Consecutive Session – Index Lost 908 Points To End The Session At Lowest Since May 15..... The previous session’s Dark Cloud Cover formation kept correction in tact, as index lost 908 Points to close the session at lowest May 15 2024. During the session, the index started on a positive note with an intra-day high of 75669 and then fell sharply to as low as 74,592 before ending the day at 74,666 with a net loss of 908 Points. Volumes from KSE-100 Index Stocks clocked at a total of 179.2 Million, which is down by 6.2% from previous session and index indicates that buyers were not interested to make any aggressive move despite intra-day drop by nearly 1000 Points.
Outlook and Expected Levels For The Coming Session (June 04, 2024).... Session ending as Dark Cloud Cover with lower volumes is suggesting breather from bulls and since it is the 3rd rejection from 76,200 zone, it suggest formation of Triple Top. Having said that, it is equally important to note that lower volume total is not posing any threat to bullish momentum, as it only indicates profit taking based breather, not any aggressive selling. This concludes that consolidation is likely to be witnessed, where bulls will be having upper hand as long as index is holding 74,800. The support is seen at 75,280 with expected bottom at 74,800. Resistance is seen at 75,850 with expected top at 76,370.
The Session Wrap Up!!! Bulls Took A Breather – Index Closed With A Pullback By 303 Points Amid Roller Coaster Ride.... The week started on a negative note, as bulls took a breather and index witnessed a pullback by 303 Points after a roller coaster ride. During the session, the index started on a positive note and posted a high of 76,209 and then it witnessed profit taking based pullback to as low as 75,495 before closing the day at 75,575 with a net loss of 303 Points. Volumes from KSE-100 Index Stocks clocked at a total of 190.98 Million, which is down by 60% from previous session and since the day ended as a Dark Cloud Cover, this kind of volume is suggesting that aggressive buyers preferred taking sidelines amid correction.
Outlook & Expected Levels For The Coming Week (June 03 To June 07, 2024)..... Back to back weekly closings with Long Lower Shadow formations are suggesting that consolidation is likely be seen for sometime, that can keep the index in a thin range. The expected resistance for the coning week is at the range between 76,335 – 76,660 while expected top is at 77,200. On the downside, the support is seen at 75,050 with expected bottom at 74,780.
The Weekly Session Wrap Up!!! Bulls Took A Breather After 3 Weeks Of Strong Gains – Index Witnessed A Pullback By 104 Points..... The previous week’s Hanging Man based closing played its vital role and restricted the bullish momentum, as index witnessed a corrective pullback by 104 Points. During the week, the index started on a negative note and witnessed a low of 74,585 from where the bulls made a come back and took the index to as high as 76,187 before closing the week at 75,878 with a net loss of 104 Points. Volumes from KSE-100 Index Stocks clocked at a total of 807.2 Million, which is not just down by 28% from previous week but is the lowest weekly total since 1st Week of April 2024 and indicates that choppy ride kept aggressive buyers aside.
Outlook for the Month of June 2024 and Expected Levels: First and foremost, the historical data for the month of June favors bears, as in the past 12 years, bulls have been victorious 4 times and bears have recorded 8 months in their name. While, from the charts view, the monthly closing above 74,800 has paved path for 77,200 followed by 77,800 as target range for the month, with expected top at 79,280 – 79,990. Noting that in case the index moves towards 79,280 – 79,990 by middle of the month, it can be considered as a Hyper Move that can trigger aggressive profit taking. On the downside, the support is now tilted up at 74,800, as this was the last strong breakout point. While expected bottom is at 73,800.
Review of the Month of May 2024..... Bullish Aggression Continued For 4th Consecutive Month – Index Soared By 4775 Points To End The Month At All Time High...... The bullish aggression continued for 4th consecutive month, as despite negative history of the month of May, the index soared by 4775 points to end the month at a new all time high. During the month of May, the index witnessed a minor corrective pullback to as low as 70,562 from where the bulls took the charge and moved to as high as 76,248 before ending the month at 75,878. Volumes from KSE-100 Index Stocks clocked at a monthly total of 4.965 Billion, which is not just up by 6% from previous month but is the highest total in last months and indicates that aggressive buyers took the full advantage of all time high levels.
Outlook and Expected Levels For The Coming Session (May 29, 2024)..... The session ending as a Hanging Man is suggesting breather from bulls, however, lower volume total is indicating that there is no aggressive selling pressure on top yet. For the coming session, the index is having support at 74,880 – 74,620 range, while expected bottom is at 74,300, which can act as threshold between correction and bearish reversal. Upside is now seen restricted at 75,780 – 75,900 with expected top at 76200
The Session Wrap Up!!! Bulls Took A Breather Amid Weekly Hanging Man Formation – Index Ended With A Corrective Pullback By 465 Points.... The week started with a corrective pullback, as previous weekly closing with Hanging Man kept bullish momentum in check that resulted in a net loss of 465 Points. During the session, the index started on a positive note and posted a high of 76,187 and then correction took it to 75,485 before closing at 75,517. Volumes from KSE-100 Index Stocks clocked at a total of 195.29 Million, which is not just down by 37% from previous session but is the third consecutive low total and indicates that aggressive buyers are not willing to take bigger moves.
Outlook and Expected Levels For The Coming Week (May 27 To May 31, 2024).... The weekly closing as a Hanging Man is suggesting breather from the bulls, however, there is no threat of any bearish reversal, as the volumes in Hanging Man formation are not higher. For the coming week, the range between 76,890 and 77,200 can act as strong resistance and trigger healthy profit taking. While, support is now tilted up at 75,580 followed by 74,980.
The Weekly Session Wrap Up!!! Bulls Scored A Hat-Trick | Index Gained 640 Points Amid Roller Coaster Ride..... The bulls remained in control for the 3rd consecutive week, as index did not just hold the suggested weekly support, but achieved the weekly target as well. During the past week, the index tested our suggested support zone of 74,900, as the low of the week was 74,726 from where the already strong bulls took charge and pushed the index to as high as 76,248, as our suggested target was 76,230, before ending the week at 75,983 with a net gain of 640 Points. Volumes from KSE-100 Index Stocks clocked at a weekly total of 1.132 Billion, which is not just down by 4% from previous week but is the 3rd consecutive low total and indicates that aggressive buyers are not coming to the field.
Outlook & Expected Levels For The Coming Session (May 24, 2024)..... The consolidation phase is likely to get over in coming 1-2 sessions, as constant support from 10-DMA zone of 74,670 with rise in volumes, from last session, are suggesting that buyers are coming back to the field. For the coming session, the index is likely to hit 75,370, followed by 74,580. While support is now getting tilted up at 74,990 followed 74,700.
The Session Wrap Up!!! Roller Coaster Ride Within Choppy Price Action Continued For 3rd Consecutive Session – Index Gained 157 Points..... The roller coaster ride within choppy price action continued for 3rd consecutive session, as index ended the session with a net gain of 157 Points. During the session, the index lower to witness a low of 74,726 and then it reached to as high as 75,284 before ending the day at 75,114 with a net gain of 157 Points. Volumes from KSE-100 Index Stocks clocked at a total of 336.88 Million, which is not just up by a whopping 83.6% from previous session but is the highest total since April 25 2025 and suggests that buyers made a comeback.
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.
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.
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.
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.
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.
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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