AKD Quotidian about — Minute Pullback Expected —Bearish Theme Intact

Karachi, October 11, 2013 (PPI-OT): Short‐Term: Expect a minute pullback towards 21,912 level today.

However, the short‐term profile would remain bearish below 22,089 — 22,331 levels sighting possibility for further weakness towards 21,066 — 20,924 and 20,283 levels. Sell on strength up to 22,089 level while needing a break above 22,331 to go neutral.

According to AKD Securities, general View: Easing weekly momentum data coupled with a restriction at 23,820 23,946 levels has interrupted the bullish progression. It would need a breakout above the said resistance to refresh the bullish momentum and mitigate chances of any extended correction towards 20,924 — 19,057 levels — 38.2% to 61.8% retracement zone of Jan’13 to July’13 rally (16,036 to 23,946). Allow enough room (buying power) to capitalize at such corrector / add long positions above 23,820 —23,946 levels. AKD Securities find strong potential in ENGRO, PSO, PTC, SNGP, NRL, EPCL, FABL and BOP.

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