April 11, 2013 (PPI-OT)
KSE-100: Traversing along the resistance
Trend resistance continued to remain in play and also clipped gains accrued earlier in the session.
According to KASB Securities Limited although volumes picked up by 12%, select stocks continued to dominate the session which hints at cautious behaviour on a broader scale.
KASB Securities Limited reckons that underlying strength may push the index towards 19,000 but given lack of conformity shown by indicators, KASB Securities Limited maintains cautious stance.
Analysis and Overview:
KSE100 continued to traverse along the trend resistance which looms as a force capable of countering any strength mustered. Gains earlier in today’s session were also clipped towards the end. This landscape advocates that the resistance ahead may not give up so soon.
However, select plays continue to remain attractive and interest in these resulted in a 12% surge in volumes. KASB Securities Limited reckons that underlying inertial strength may push the index gradually towards 19,000 but given that indicators are not in conformity, KASB Securities Limited maintains stance of staying cautious and playing selectively.