KSE100 Technical Outlook for August 2024
KSE100 August Levels to Watch July closed at 77886 by losing 558 points with trading volume marked at 3911M upby 30.85%. Volume price action analysis suggest pump and dump kind of Sanrio witnessed with limited upside for August 2024. Index posted weakness on daily/weekly charts that also support our view that market needs a healthy correction. Good support is seen around 75700/75500 that can act as bottom for August but if lost we have to watch 74200/74100 that is lifeline of index that has not breached since July 2023 that make it a very good buying base support. On the upside 79900/80300 can act as Augst resistance and have very less chance to sustained above. If sustained above 80300 we may have to watch 82300 as top of August. Individual stocks analysis needed to be followed for better trading decision making that we published separately.