Profit taking kicks in after much appreciated budget announcement last week while we expect range bound activity to continue in the short term. Moreover, Pakistan is one point short of meeting FATF conditions where 26 out of 27 conditions have been met. We expect Cements to remain in the limelight as South based producers increased prices by PKR20/bag while Refineries would also shine being the beneficiary of recent budget measures.

Technical Comments: Resistance Levels: 48,850 and 49,150 Support Levels: 48,482 and 48,300 RSI (70.58) moves downwards to settle under the neutral territory from overbought position, MACD indicates further selling pressure on charts whereas dip through intraday can be considered as buying opportunity.

Courtesy – IMS Research