Karachi: Technical Spotlight
During intraday trading on Thursday, the KSE-100 Index gained a maximum of 69 points, but failed to sustain its initial momentum and ended up closing just above Wednesday’s close, which indicates the presence of strong resistance at upper levels Even if the Index breaks the resistance levels it might be difficult to maintain at those levels. Taurus Securities still advises investors to book profits and wait for the market to determine its direction.
Support: 10,760 and 10,424
Resistance: 11,558 and 11,846
Recommendation: Taurus Securities recommends investors to sell on strength and wait for consolidation before making a re-entry into the market. If maintaining a long position, a stop loss of 11,290 should be adhered to.