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KSE-100 INDEX

Share prices of KSE-100 index plunged like nine pins of clearing day in fund driven selling. On Wednesday it opened on lacklustre note, remained reluctant to challenge its pivot point 1937 and finished with 56 points losses. The volume increased significantly as 316 million shares changed hands as against 242 million shares.

Technically, the market is near to test its major support 1,860, which is also major support on monthly trading charts. It is important for the market to resist further losses otherwise aggressive bearish pressure may fore significant losses in near term.

On trading charts immediate support will remains at 1,860 and resistance at 1,905. Resistance level 1,905 is also pivot point for positive direction. Successful penetration may favours resumption of positive trend once again.

Technically, the market is in neutral region and may not find any technical help to change its direction. So only positive fundamental can increase investors confidence for fresh investment. Stay short with stop loss of 1,905.

PTCL

In a tug-of-war between the bulls and the bears of PTCL, bears at last won the game and celebrated their victory by plunging share prices significantly. On Wednesday, after disappointed opening, the PTCL did not bother to consider its major support level at Rs 31.60 and went down to find support at Rs 30.50. Technically, Tuesday's closing indicated the fact that if PTCL failed to challenge its major support Rs 32.40 then it might not find support at Rs 31.60. That is why we recommended position squaring in our previous commentary.

On trading charts major support is expected at Rs 29.60. At present, we do not expect sharp losses below from such price. It is better to buy PTCL around Rs 30.00. Pivot price for Thursday's trading is Rs 31.20, good opening may favours consolidation in prices. Nevertheless, resumption of bullish trend is expected after Rs 31.50. Stay short with stop loss of Rs 31.20.

ADAMJEE INSURANCE

After making a rounding top on daily trading charts, Adamjee succeeded in finding support for its major price level at Rs 105.00 on Wednesday. Technically, Rs 105 price level is very important in the determination of next trend, failure to find support may suggest significant losses. In that case next stop is expected around Rs 95.00. From above side overhead resistance is expected at Rs 109.30 and at Rs 113.50. Major resistance is expected at Rs 115.00. Adamjee may remains in negative column as long as it trades below Rs 115.00. Stay short.