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KSE-100 INDEX

In a situation when majority of international markets faced heavy losses, share prices of the Karachi Stock Exchange (KSE) stayed positive on Monday. The opening sentiment was as majority of players expecting trickle down effect of international markets in our markets. But fresh buying specially in fibre sector along with consolidation in PTCL helped the market close with meagre gain of eight points. Technically, the market remained busy to consolidate its values in a tight range and now it appears that it may try to register more gains in near term. Pivot-point for Tuesday's trading is 1967, ability to stay above may help the market to generate more potential for upward rallies. Major support is expected at 1936, which is also stop out point of long positions.

DEWAN SALMAN FIBRE

Dewan Salman Fibre extended its previous gains on Monday in speculative driven rallies and is expected to show a couple of bullish rallies in near term. Technically, it is in overbought region but intra day correction indicates enough thrust for uptrend. At present, we do not favour fresh buying, it is better to stay long with strict stop loss. The immediate support for Tuesday's trading is expected at Rs 59.20 and resistance at Rs 64.80. Major resistance will remain at Rs 68.35. The stop out price for long position is recommended at Rs 59.20.

PTCL

PTCL well succeeded in consolidating its values in a tight range of 25 paisa on Monday and more consolidation in near term may favour the resumption of bullish trend once again. On trading charts the immediate support is expected at Rs 31.40 which is also the stop loss price for long positions. Overhead resistance is expected around Rs 31.75. movements towards Rs 31.75 may increase the probabilities of positive trend. Pivot price for Tuesday's trading is recommended at Rs 31.55. Good opening may favour consolidation in prices. Buy PTCL on dips or stay long but the stop out point will remain at Rs 31.40.

Sui Northern Gas Company Limited

It appears that negative trend of SNGPL is over and it may stage positive rally from existing prices. Immediate support, it may find at Rs 20.40 and resistance at Rs 20.90. Pivot price is also at Rs 20.40 for next trading. Good opening may favour more gains in near-term. Technical outlook is neutral but potential indicators are showing enough room for upward rallies. Buy SNGPL with stop loss at Rs 20.40.

Hubco

Direction less behaviour of Hubco on Monday indicates players' hesitation to press share prices further down. Technically, it support/resistance levels at Rs 26.30 and at Rs 26.75 are expected to help the market adopt clear direction. At present, likelihood of penetration of Rs 26.30 is low. If Hubco succeeds in funding support around that price, it is better to start fresh buying.