BIST 100 Index at the Level of 1550

Although the buying outlook in the global markets, which started the new week with the stimulus package passed by the US Senate, was felt quite limited, the index drew attention in its positive divergence. However, after the Borsa Istanbul General Manager Hakan Atilla, political tension in the domestic markets increased. After this development also Turkey Assets Fund General Manager Zafer Sonmez was dismissed and appointed Selim Arda Ermut instead. Although the tension on the BIST 100 index increased after these two important agenda items, the index closed the day at the level of 1549 with an increase of 1.23 percent in yesterday’s session.

If we talk about the CBRT expectations from foreign institutions in the last period, Citigroup announced that it expects to increase 50-100 basis points at the Monetary Policy Committee meeting on March 18th. International credit rating agency Fitch in 2021 and the market side to revise the forecast downward for 2022 has been detected positive for Turkey.

On the international side, it is seen that the normalization of the deterioration that started with the rising in the USA caused a recovery movement on the side of the indices. The recovery in the employment market, the US Treasury Secretary Yellen’s statements to relieve inflation concerns and the US stimulus package passed by the Senate seem to have triggered the optimism in the markets.

After all these developments, although there is a slight realization in the index, which continues its pricing above the 1526 band, the upward trend that is preserved in the general scenario has not deteriorated much. Especially when the 1550 resistance is exceeded, power gain may occur at the receiving point in the index. In this context, we are gradually following the 1576 and 1608 resistance levels. However, dips could reach the 1472 threshold, with 1500 support for the continuation of retreats in a possible below 1526 level.

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