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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Market is nearing 7000 resistance level

Market is nearing 7000 resistance level

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1Market is nearing 7000 resistance level Empty Market is nearing 7000 resistance level Tue Nov 03, 2015 12:32 pm

EquityChamp

EquityChamp
Moderator
Moderator
If market sustains at this level (key is that JKH stable around 180 and the free fall of poultry stocks to stop) indications are that it will move back to 7250 by December. Key drivers will be JKH, Poultry stocks plus lot of manufacturing and F&B counters. So keep an eye on ASPI movement for good short term gains.
Basketball

Dhehan

Dhehan
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
If the budget is not business friendly then the ASI will reach 6800 by December.

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
it will reach 6900-6800 level before the budget announcement. There's no any vision shown by current regime, everyone is just waiting to see whats going to happen. 

There're few things i'm following from the budget, removal of import tax on tile. It'll clearly hit RCL,TILE,LWL hard if it's removed. If they keep the tax as it is, i'll jump on those shares.

Same with Cement tax. Cement manufactures are a protected industry. If they keep the import tax as it is, price of TKYO will appreciate.

EquityChamp

EquityChamp
Moderator
Moderator
@capitallinkceylon wrote:it will reach 6900-6800 level before the budget announcement. There's no any vision shown by current regime, everyone is just waiting to see whats going to happen. 

There're few things i'm following from the budget, removal of import tax on tile. It'll clearly hit RCL,TILE,LWL hard if it's removed. If they keep the tax as it is, i'll jump on those shares.

Same with Cement tax. Cement manufactures are a protected industry. If they keep the import tax as it is, price of TKYO will appreciate.
I believe they will not do anything to promote imports so that probably the import taxes will be increased. And there will be good benefits for manufacturing sector.

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
that's what a sensible govt should do, try to promote local manufacturing by increasing taxes on import products. 

BUT ravi is on a another agenda, Last month he said tile industry is monopolized and tile companies are making super profits. To protect the consumers, they have to look at revising import tax on tile. From that day onward, all tile related shares prices are coming down. 

cement cost in sri lanka is the highest in the Asian region. Ravi in couple of time mentioned that to attract hotel developers or property developers to sri lanka they have to tackle the high construction cost. I think thats why TKYO Cement price is coming down everyday, cause stakeholders took these recent announcements negatively for the local manufactures.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
No doubt many kinds of taxes would be imposed by budget speech to fill the gap of income & expenditure. Mainly harnessing ever increasing gap between haves & haves not.  

As financial circle hints that easy of doing business coupled with good business environment would become a new model for investors.

Free fall of poultry sector must be nearly over now as sector is slowly reaching to oversold point. Continuous selling streak strikes the other sector too. Release of latest news with regard to mega projects being negotiated with China keep JKH price counted. 

Tomorrow trading will demonstrate how resistance level of 7000 technically warring with buying & selling patterns.

EquityChamp

EquityChamp
Moderator
Moderator
Today we can see how the resistance going to work. Remember if falls below the resistance the next stop will be around 6800.

C S E 2015


Manager - Equity Analytics
Manager - Equity Analytics
NOOOO...TODAY IT WILL UP BY 30 - 40 POINTS...............

HUGE BUYING PRESSURE ON THE WAY...............

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Only reason market will be green today is due to JKH showing better than expected profit level.

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Market should be below 7000 by now. We are lucky to be here.

real threat

real threat
Manager - Equity Analytics
Manager - Equity Analytics
@Sstar wrote:Market should be below 7000 by now. We are lucky to be here.
yes....

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
If market is not green today after so many companies putting out tremendous reports, market for sure will hit 6800 before budget announcement.

13Market is nearing 7000 resistance level Empty Re: Market is nearing 7000 resistance level Wed Nov 04, 2015 10:18 am

Dhehan

Dhehan
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Sstar wrote:Market should be below 7000 by now. We are lucky to be here.

But no money for further purchases..!

14Market is nearing 7000 resistance level Empty Re: Market is nearing 7000 resistance level Wed Nov 04, 2015 10:23 am

TIRAN712

TIRAN712
Manager - Equity Analytics
Manager - Equity Analytics
MARA TALKS NE DENNE UNP AWAMA 8000 K NE KIWWE DAN 7000  WELADA????????????????? EKATH SUWAR NA WAGE  Very Happy

15Market is nearing 7000 resistance level Empty Re: Market is nearing 7000 resistance level Wed Nov 04, 2015 10:39 am

Nuwan Samarawickrama


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@TIRAN712 wrote:MARA TALKS NE DENNE UNP AWAMA 8000 K NE KIWWE DAN 7000  WELADA????????????????? EKATH SUWAR NA WAGE  Very Happy

Hoda wade megollonta....!!!!

maharaja hoda nahakiyala yahapalane genawane kattiyama ekathuwela...............!!!!!

mama nam apahu ASP index eka 5000 enawata kamathiyiiiiiiii

hoooo hooooo

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
JKH holding the market

EquityChamp

EquityChamp
Moderator
Moderator
So JKH try to stage the upward move from 180. Free fall of poultry stocks reversed. All of a sudden market started its up move in the final minutes. Looks like the resistance level is well maintained and  going towards 7250. Is the PM speech which is awaited is leaked to the market?

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
hopefully PM speech will restore the market confidence that Ravi destroyed

capitallinkceylon


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Luckily JKH came out with a strong QTR report, if not market would have definitely gone down to 6800 level.

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