After many days of lower closes, ASI closed somewhat positively today. Increase of 21.67 points with considerable volumes augurs well for the overall Market. Many of the major Counters vis a vis JKH, COMB,NDB and the likes paved the way for the ASI to close this way. Does it mean that the losing streak is over? Are we stepping into a TREND EXTENSION? May be it is too early to say so, But ONE CATALYST to change the GAME will certainly be the resumption of the PORT CITY PROJECT for which the blessings of the GOSL was given to resume in OCTOBER. OCTOBER is next month. Next Month will start in 2 weeks from now. Amidst the higher closes today, we saw the main counter to benefit from the aforesaid closing higher amongst them. That is AEL. Any smell of the Port City can spell well for them.
As for the ASI the 6420 area is a crucial support point, and the close at 6451 today is positive. A strong momentum can take it up to test 6480 - 6500 area in the short term. The most important factor at present is that the market is holding on to the uptrend at the moment. Stocks such as AEL, TKYO, and KAPI will take the lead in the Construction Sector, whilst the Banks, Poultry and Manufacturing stocks too will be gathering pace in this trend extension.
2 comments:
Very nice article , this is the way we can understand the market with example and behind the logic. I also feel same way.
Thanks abc. I appreciate your comments good and bad, which is the best source of encouragement. Cheers.
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