Borsa İstanbul continues to rise sharply after the election with its reaction to orthodox economic policies under the management of Mehmet Şimşek. The purchases, which slowed down a bit yesterday, accelerated again today with the appointment of Gaye Erkan as the head of the Central Bank. Pricing the accelerating rise in the dollar exchange rate, the Bist100 index opened at 5,515 points with an increase of 2.36 percent.
So, what will be the direction in the stock market for the rest of the day and in the short term? Where to watch as strong resistance levels if the uptrend continues? What levels are the supports in case of pullbacks?
Stock market reviews of brokerage houses
Yapı Kredi Investment
We are watching the 5,250 level as the first important support point in the BIST-100 index. The upward movement that started the previous week continues after the bottom formation above 4,400, which we watch as the important support point of the downward trend in the short-term downtrend in the index. In the market, which closed Tuesday at 5,388 points with a 0.3% increase in value, we watch the 5,250 level as the first important support point in the intra-session pullbacks. At this stage, we think that the short-term uptrend potential continues in the market, and movements that will stabilize above 5,250 will continue the buying trend. In this case, the upward movement will continue, which will target the 5,500 level in the first place. In the market where the upward movement that started on May 26 maintains its strength, we think that the sharp rise may produce an intermediate realization at the 5,500 target resistance point. However, interim realizations will continue the rise above 5,250.
NCM Investments
On the upside, the 5500-5565 region can be followed as resistance.
Pyramid Securities
BIST100 Index closed yesterday’s transactions at 5,388 points with a slight increase of 0.30%. After starting the day with a horizontal outlook, the index moved fluctuating in the 5.314-5.439 band during the day. The trading volume of the index was at a high amount of TL 93.70 billion. Technically, we are following the level of 5,500, which was tested in the past at the horizontal resistance position in the upward movements. As the next important level, the all-time high (5.704) can be followed. In pullbacks, we care about 5-day AO (blue) 5.239 support and 5.190 levels. The index, which started at 2.49 cents on USD basis, closed the day at 2.49 cents. It was moved in the 2.46-2.52 cent band during the day. Technically, we follow the 200-day AO (2.54 cent) level in upward movements. In case of settlement above this level, we think that the positive outlook may continue. 5-day AO (2.46 cents) support can be observed in downward movements.
Ak Investment
In the BIST 100 index, which rose to the level of 5 440 during the day yesterday, especially the profit sales in the bank and energy shares caused the closing to be with only 0.3 increase. The most significant upward contribution to the index came from Sasa and Ford Otosan. After the performance exceeding 20 percent in the last ten days, we expect BIST to move sideways today.
Technical Comment: BIST 100 experienced a limited pullback after moving to 5440 level yesterday. The closing was realized at 5389 level. The upward movement is preserved in BIST. We can say that the movement towards the 5490-5661 band, which we consider as the horizontal channel upper limit region, is valid. We consider this region as a relatively strong resistance zone. However, if it is exceeded, a new and stronger movement can be expected to develop. Possible withdrawals 5233-5204
As long as the movement on the band is preserved, we can state that the bullish expectation can also be strongly maintained.
In BIST 100, 5233 5204 5074 4945 support, 5450 5490 5550 5661 resistance.
Traders Investment
BIST 100 index, which followed a buying course yesterday, closed daily at 5,388.80 points with an increase of 0.30%. The highest level of 5,439.89 points and the lowest level of 5,314.51 points were tested during the day, resulting in a total transaction volume of 93.7 billion TL. Due to the impact of the public offerings that will take place today on the market, we anticipate that there may be buying opportunities along with the possibility of creating a negative course. After partial pressure that may occur today and tomorrow, an increase can be expected again on the last trading day of the week. Today, on the upside, we will first follow the 5,440 resistance level and then the 5,490 resistance level. In possible downward movements, 5.340 points constitutes our first support point, while our main support point is 5.290 points.
IS Investment
Borsa Istanbul continues to rise, albeit at a slower pace. Arçelik, Aselsan, Ford Otosan, Koza Altın and Sasa led the rise in industry shares. Banks and real estate investment trusts sensitive to interest rate hikes are negatively differentiated.
After the first cabinet meeting of the new era, President Erdoğan’s statements come to the fore in the news flow. Stating that they will fight inflation, Erdogan said, “We will achieve the same as we reduced it to single digits before.” We read that the base price of wheat has been increased by 31% to 9250 liras as a sign that the fight against inflation will be given priority after the election.
Investment banks are releasing their new post-cabinet rate forecasts. For the end of 2023, Barclays forecasts 35%, JP Morgan 30%, Societe Generale 25%, IS Investment 25% interest rates. JP Morgan expects the Central Bank to increase the policy rate by 1650 basis points to 25% on June 22. Our estimate is to increase by 650 basis points and then continue with 2 * 500 basis points.
We expect a horizontal opening in Borsa Istanbul. If the 5% increase in the exchange rate is permanent in the morning hours, companies producing international goods and services that provide protection against the exchange rate will be stronger than the index. We are not sure if it will be permanent as it is during the low trading hours. Banks and real estate investment trusts may continue to decouple negatively in anticipation of an increase in interest rates.
We do not expect Şişecam’s goodwill agreement for Turk Tech company partnership negotiations to have an impact on the stock. Prominent shares: Alarko, Arçelik, Koza Gold, THY, Tüpraş, Yapı Kredi.
Gedik Investment
In the index, which broke the important resistance levels with an increase of more than 10% since the beginning of the month, we find the closings on the downward trend that started in January positive. Technically, we are following the resistance of 5.503 in the index, where we expect the upward trend to continue with the hold above 5.200. In case of closings above the region, 5.570 and 5.704 peaks can be followed. After the rapid rise in the short term, it is useful to be cautious about possible profit realizations during the day. With the possible profit profit sales falling below 5.200, the pressure can be expected to increase and the region of 5.100-5.050 may come to the fore.
Burgan Investment
In the short-term view in the BIST 100 index, if the movement is maintained above the 5300 intermediate support zone, 5443 5503 sequential resistance levels can be followed.
resistors
5443 5503 5569
supports
5300 5256 5198
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