AKD Securities Limited Equity Research – Trigger Shark

Karachi, June 14, 2017 (PPI-OT): Critical Support Held

Despite intraday violation, the benchmark PSX managed to hold the critical support line around 47,400 level through a high volatile green candle yesterday – depicting a halt in downwards pressure. Momentum indicators for most of the constituents have entered extremely oversold readings. Expect immediate recovery towards 49,090 – 49,603 levels. In the sessions ahead, the bulls would need to clear the resistance b/w 50,111 and 51,111 levels to wrest control of the market. On a broader horizon, the intermediate bullish trend is assumed safe above April-17 low of 46,048 level where recovery through 52,112 level will redeploy focus at a minimum 55,349 level and maximum 60,587 level attainable by the mid of July 2017. On the downside, violation of April’17 low of 46,048 level will expose risk for interim correction towards 44,713 level (Primary trend will still remain bullish). Prefer Banks, Insurance, OMCs, Refineries and Utilities.

13-day Leaders: PSEL, JLICL, PMPK, ARM, NESTLE, SHFA, COLG, ABOT, PAKT and SPWL

13-day Laggards: FML, OGDC, EFOODS, IGIIL, BATA, IDYM, MCB, HBL, JDWS and PPL

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