10,927 - Heading for 11k ?
October 6, 2006
The last time the Karachi Stock market was at the 10,900 levels was August 8th when it made an intra-day high of 10,908 and then slid downwards to 10,798, 10,500 and then further down. Today the market crossed 10,900 making a high of 10,947 and closed at 10,927. The next resistance is 10,950, 11000, and 11,180. As the index weightage in this market is totally imbalanced with OGDC, a lot depends on OGDC’s ability to break and close above 137.5 , its 200 DMA. There should be some correction coming soon as the market has gone up by 335 points in the last 3 sessions and its RSI (14) is over 70.
Telecard will announce its results on October 9th
News : Callmate Telips (CTTL) is to begin its operations in Europe in the first week after Eid… Dawn
SPOT : POL
UPPER CAP : Soneri Bank
Market Low : 10,838.76 High: 10,947.58
Market Close : 10,927.05 — 71.22 points up
