Karachi, October 07, 2019 (PPI-OT): KSE-100; Upside to continue
Bulls continued to dominate the session as the KSE-100 index gained 281 points to close at 33,033. Volumes stood at 262mn shares as compared to 324mn shares traded previously. The index is expected to revisit Friday’s high of 33,054 where a break above will lead to further gain towards 33,727. However, any downside will find support at 32,699 (Friday’s low) where a drop below will initiate the corrective trend. Meanwhile, the 30-DMA has crossed above the 50-DMA depicting a bullish sign. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 32,699. The support and resistance are at 32,881 and 33,186, respectively.
SNGP: Upside likely
Strategy: ‘Buy on dips’ – targeting Rs70.74; stoploss at Rs62.60.
FFC: Expected target at the 200-DMA
Strategy: ‘Buy on dips’ – targeting Rs97.94; stoploss at Rs91.92.